General Affairs
Soldier In You Remains Immortal: PM's Tribute To Siachen Braveheart
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NEW DELHI: Prime Minister Narendra Modi has in a tribute to Siachen braveheart Lance Naik Hanamanthappa said, "The soldier in you remains immortal. Proud that martyrs like you served India."
Lance Naik Hanamanthappa, 33, died at 11.45 this morning at Delhi's RR Hospital, four days after he rescued from Siachen, where an avalanche on February 3 buried the Army post he was at.
A wreath laying ceremony will be held at Delhi's Brar Square at 5.30 pm today. Defence Minister Manohar Parrikar and three service chiefs will attend and will salute the soldier. PM Modi could also attend the wreath laying ceremony, sources said.
The Lance Naik's body will be then be taken to his village Detdor in Dhadwaad, Karnataka, for last rites tomorrow.
Tributes have poured in as India bids farewell to the braveheart.
"The soldier in him will continue to inspire generations," Chief of Army Staff said.
"During his life, the brave heart son of India united the entire Nation in praying for him and has every citizen grieving for him today. He fought till his last displaying utmost valour, courage and determination, which is the hallmark of our Armed Forces," Congress President Sonia Gandhi said.
Lance Naik Hanamanthappa was found unconscious but miraculously alive six days after the avalanche hit, in a fibre-reinforced hut that served as a base at 19,600 feet on the Siachen glacier. Nine other soldiers from his regiment lay dead beside the Lance Naik when the rescue team reached him after cutting through many layers of hard ice.
PM Modi had visited him at the Delhi hospital, to which the Lance Naik was brought in critical condition, saying he brought "prayers from the entire nation.". His condition had worsened last night with multiple organ dysfunction. Doctors said he was on maximal life support with aggressive ventilation and dialysis, slipping into a deeper coma.
NEW DELHI: Prime Minister Narendra Modi has in a tribute to Siachen braveheart Lance Naik Hanamanthappa said, "The soldier in you remains immortal. Proud that martyrs like you served India."Lance Naik Hanamanthappa, 33, died at 11.45 this morning at Delhi's RR Hospital, four days after he rescued from Siachen, where an avalanche on February 3 buried the Army post he was at.
A wreath laying ceremony will be held at Delhi's Brar Square at 5.30 pm today. Defence Minister Manohar Parrikar and three service chiefs will attend and will salute the soldier. PM Modi could also attend the wreath laying ceremony, sources said.
The Lance Naik's body will be then be taken to his village Detdor in Dhadwaad, Karnataka, for last rites tomorrow.
Tributes have poured in as India bids farewell to the braveheart.
"The soldier in him will continue to inspire generations," Chief of Army Staff said.
"During his life, the brave heart son of India united the entire Nation in praying for him and has every citizen grieving for him today. He fought till his last displaying utmost valour, courage and determination, which is the hallmark of our Armed Forces," Congress President Sonia Gandhi said.
Lance Naik Hanamanthappa was found unconscious but miraculously alive six days after the avalanche hit, in a fibre-reinforced hut that served as a base at 19,600 feet on the Siachen glacier. Nine other soldiers from his regiment lay dead beside the Lance Naik when the rescue team reached him after cutting through many layers of hard ice.
PM Modi had visited him at the Delhi hospital, to which the Lance Naik was brought in critical condition, saying he brought "prayers from the entire nation.". His condition had worsened last night with multiple organ dysfunction. Doctors said he was on maximal life support with aggressive ventilation and dialysis, slipping into a deeper coma.
Visionary Leaderships In India, UAE Blessing For Both: Rajyavardhan Singh Rathore
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DUBAI: Visionary leaderships in India and the UAE are a "blessing" for both the nations as well as the region to bring about a "positive change", Minister of State for Information and Broadcasting Rajyavardhan Singh Rathore has said.
"Sheikh Mohammed of Dubai and Prime Minister Narendra Modi are both visionary leaders. They are driven towards bringing about positive change," Mr Rathore told PTI on the sidelines of the World Government Summit in Dubai.
"If you look at the entire UAE, Sheikh Mohammed bin Zayed Al Nahyan is young, energetic and has a vision. This combination is a blessing for both the nations and the region as well," he added.
Mr Rathore said the summit brought together people from diverse backgrounds including the private sector and the government and gave them the opportunity to exchange ideas, experiences and lessons.
"Since the world is becoming one global community, we need to learn from various places, modify and apply them in our own country," he said.
Mr Rathore said Dubai is becoming like a knowledge hub and traditionally, the UAE and India have shared great relations going back decades in terms of trade.
"The kind of reception and warmth the prime minister received during his visit to Dubai (last year) has built an extremely positive environment for cooperation in areas such as information technology, national security, oil and non-oil, investment into infrastructure, exchange of knowledge, the smart cities concept that India has etc," said Mr Rathore.
Those are the exchanges that are likely to take place as Sheikh Mohammed bin Zayed Al Nahyan begins his three-day official visit to India.
"People of Dubai, the Emiratis, are very adaptive and accommodative towards the world, they are very open and very modern. That's their strength and perhaps the reason why Dubai and the UAE have done well," he said.
On asked about his sporting links with some of the Emiratis, going back to his days as an Olympian, Mr Rathore said he has known them personally and they are "wonderful people".
"They are very energetic, they train very hard, and are great sportsmen as well. Sheikh Ahmed Al-Maktoum was my competitor and he won the gold that time," Mr Rathore said, referring to the 2004 Athens Olympics when he won the silver medal in Double Trap shooting.
"Sheikh Mohammed of Dubai and Prime Minister Narendra Modi are both visionary leaders. They are driven towards bringing about positive change," Mr Rathore told PTI on the sidelines of the World Government Summit in Dubai.
"If you look at the entire UAE, Sheikh Mohammed bin Zayed Al Nahyan is young, energetic and has a vision. This combination is a blessing for both the nations and the region as well," he added.
"Since the world is becoming one global community, we need to learn from various places, modify and apply them in our own country," he said.
Mr Rathore said Dubai is becoming like a knowledge hub and traditionally, the UAE and India have shared great relations going back decades in terms of trade.
"The kind of reception and warmth the prime minister received during his visit to Dubai (last year) has built an extremely positive environment for cooperation in areas such as information technology, national security, oil and non-oil, investment into infrastructure, exchange of knowledge, the smart cities concept that India has etc," said Mr Rathore.
Those are the exchanges that are likely to take place as Sheikh Mohammed bin Zayed Al Nahyan begins his three-day official visit to India.
"People of Dubai, the Emiratis, are very adaptive and accommodative towards the world, they are very open and very modern. That's their strength and perhaps the reason why Dubai and the UAE have done well," he said.
On asked about his sporting links with some of the Emiratis, going back to his days as an Olympian, Mr Rathore said he has known them personally and they are "wonderful people".
"They are very energetic, they train very hard, and are great sportsmen as well. Sheikh Ahmed Al-Maktoum was my competitor and he won the gold that time," Mr Rathore said, referring to the 2004 Athens Olympics when he won the silver medal in Double Trap shooting.
In Assam's Bodo territory, Amit Shah Talks Illegal Immigration
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GUWAHATI: In his second rally in Assam ahead of the assembly elections, BJP chief Amit Shah unleashed what is perhaps the most potent card, claiming the BJP will stop illegal infiltration in Assam if voted to power once.
Infiltrators from Bangladesh have spread across the state, Mr Shah said at the rally Kokrajhar, the headquarters of the Bodoland Territorial Council, which is an autonomous body that governs over the Bodoland region of Assam. "They have infringed upon the rights of local youths, the local people from tea gardens or Hindi-speaking community or Bodos, everyone is under threat... "The BJP is determined not to let the illegal infringe upon the rights of people in Assam and the Bodoland region."
Illegal migration from Bangladesh is a prickly issue in Assam and this was not the first time the BJP chief has spoken of it, but the time and the place was significant.
Since 1971, the region - spread over four districts -- had seen fierce ethnic violence between Muslim settlers from Bangladesh and the indigenous Bodo tribals. Despite the peace accord signed in 2003 between the NDA government at the Centre, the state and the Bodoland Liberation Tigers, the area is divided and ethnic lines and has seen periodic clashes.
Recently the Bodoland Peoples' Front, or BPF, of militant-turned-politician Hagrama Mohilary, which had formed a pre-poll alliance with the BJP, organised a massive celebrations for 13th anniversary of the Bodo accord.
The 12 seats of the area are currently under BPF and the BJP-BPF alliance is eyeing the tribal and non-Muslim votes in Bodoland.
In an oblique reminder of the Atal Bihari Vajpayee government's contribution, Mr Shah said, "The Bodoland accord has been very successful".
Promising to develop the region at the same pace as Gujarat, Mr Shah said, "The BPF had asked Centre for a 1,000 Cr package for development of BTC region. I can assure you Centre will give more than 1,000 crore."
The BJP, Mr Shah said, was the only party which can stop the menace of infiltration of illegal migrants - not only a key main socio- political issue in Assam but one seen as a "security threat".
GUWAHATI: In his second rally in Assam ahead of the assembly elections, BJP chief Amit Shah unleashed what is perhaps the most potent card, claiming the BJP will stop illegal infiltration in Assam if voted to power once.Infiltrators from Bangladesh have spread across the state, Mr Shah said at the rally Kokrajhar, the headquarters of the Bodoland Territorial Council, which is an autonomous body that governs over the Bodoland region of Assam. "They have infringed upon the rights of local youths, the local people from tea gardens or Hindi-speaking community or Bodos, everyone is under threat... "The BJP is determined not to let the illegal infringe upon the rights of people in Assam and the Bodoland region."
Illegal migration from Bangladesh is a prickly issue in Assam and this was not the first time the BJP chief has spoken of it, but the time and the place was significant.
Recently the Bodoland Peoples' Front, or BPF, of militant-turned-politician Hagrama Mohilary, which had formed a pre-poll alliance with the BJP, organised a massive celebrations for 13th anniversary of the Bodo accord.
The 12 seats of the area are currently under BPF and the BJP-BPF alliance is eyeing the tribal and non-Muslim votes in Bodoland.
In an oblique reminder of the Atal Bihari Vajpayee government's contribution, Mr Shah said, "The Bodoland accord has been very successful".
Promising to develop the region at the same pace as Gujarat, Mr Shah said, "The BPF had asked Centre for a 1,000 Cr package for development of BTC region. I can assure you Centre will give more than 1,000 crore."
The BJP, Mr Shah said, was the only party which can stop the menace of infiltration of illegal migrants - not only a key main socio- political issue in Assam but one seen as a "security threat".
Curfew-Like Restrictions In Srinagar As Separatists Call For Strike
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SRINAGAR: Curfew-like restrictions have been imposed in parts of Srinagar city in the wake of a call for strike by separatist groups to commemorate the death anniversary of Maqbool Bhat, the Jammu and Kashmir Liberation Front or JKLF founder who was hanged in Delhi 32 years ago.
Most of the areas have been barricaded with barbed wire as hundreds of security forces personnel and anti-riot squads have been deployed to prevent protests. Separatists have either been arrested or put under house arrest.
Officials say restrictions have been enforced in areas under seven police stations of the city, mostly in downtown Srinagar.
In other parts of the valley, a complete shutdown is being observed. Shops, business establishments are closed and very few vehicles are seen on the roads.
Maqbool Bhat was hanged on February 11, 1984 in Delhi's Tihar Jail and his body was buried inside the jail. Since then family and political groups have been demanding return of mortal remains so that family and relatives can perform his last rites.
At Srinagar's martyrs graveyard an empty grave has been kept with Maqbool Bhat's epitaph. Bhat's hanging is believed to be reason behind an armed rebellion by Kashmiri youth in late 80s. JKLF became Kashmir's first militant group but after few years in early 90s it announced a unilateral ceasefire and eventually abandoned militancy.
SRINAGAR: Curfew-like restrictions have been imposed in parts of Srinagar city in the wake of a call for strike by separatist groups to commemorate the death anniversary of Maqbool Bhat, the Jammu and Kashmir Liberation Front or JKLF founder who was hanged in Delhi 32 years ago.Most of the areas have been barricaded with barbed wire as hundreds of security forces personnel and anti-riot squads have been deployed to prevent protests. Separatists have either been arrested or put under house arrest.
In other parts of the valley, a complete shutdown is being observed. Shops, business establishments are closed and very few vehicles are seen on the roads.
Maqbool Bhat was hanged on February 11, 1984 in Delhi's Tihar Jail and his body was buried inside the jail. Since then family and political groups have been demanding return of mortal remains so that family and relatives can perform his last rites.
At Srinagar's martyrs graveyard an empty grave has been kept with Maqbool Bhat's epitaph. Bhat's hanging is believed to be reason behind an armed rebellion by Kashmiri youth in late 80s. JKLF became Kashmir's first militant group but after few years in early 90s it announced a unilateral ceasefire and eventually abandoned militancy.
Next Phase Of Odd-Even From April 15 In Delhi, Says Arvind Kejriwal: Highlights
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NEW DELHI: Delhi Chief Minister Arvind Kejriwal is speaking on the implementation of round two of the odd-even formula for cars. Below are the highlights:
- We have taken feedback from people through mohalla sabhas, website, email, missed call and messages
- 275 of 276 mohalla sabhas have said odd-even should be brought back
- Overall, 81 per cent people in Delhi have said odd-even should be brought back
- 53 per cent people said it should not be implemented during exams
- Over 60 per cent people said it should be made permanent
- Overwhelming number of people said VIPs should not be exempt
- Public transport needs to improved
- Premium, economy buses should be made available
- By December, we will have 3,000 new buses
- We are talking of an elevated BRT corridor at two levels - one for cars and another for buses
- Until all of this happens odd-even can't be made permanent
- The next phase of odd-even will be from April 15 to April 30
- We will discuss if it can be made permanent after the second phase
- Women will be exempted
- 500 retired defence personnel will be employed to enforce
- SDMs won't be deployed, retired defence personnel will be employed
- VIPs will be exempt, won't fight for that
NEW DELHI: Delhi Chief Minister Arvind Kejriwal is speaking on the implementation of round two of the odd-even formula for cars. Below are the highlights:- We have taken feedback from people through mohalla sabhas, website, email, missed call and messages
- 275 of 276 mohalla sabhas have said odd-even should be brought back
- Overall, 81 per cent people in Delhi have said odd-even should be brought back
- 53 per cent people said it should not be implemented during exams
- Over 60 per cent people said it should be made permanent
- Overwhelming number of people said VIPs should not be exempt
- Public transport needs to improved
- Premium, economy buses should be made available
- By December, we will have 3,000 new buses
- We are talking of an elevated BRT corridor at two levels - one for cars and another for buses
- Until all of this happens odd-even can't be made permanent
- The next phase of odd-even will be from April 15 to April 30
- We will discuss if it can be made permanent after the second phase
- Women will be exempted
- 500 retired defence personnel will be employed to enforce
- SDMs won't be deployed, retired defence personnel will be employed
- VIPs will be exempt, won't fight for that
Business Affairs
Sensex ends 807 points down, Nifty below 7,000; Tata Motors top loser
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Extending losses for the fourth straight session on Thursday, the S&P BSE Sensex tanked 807 points to end below its crucial psychological level of 23,000 for the first time since May 09, 2014, while broader CNX Nifty breached its key 7000-mark for the first time since May 12, 2014.
The benchmark indices tumbled tracking losses in global markets after US Federal Reserve Chair Janet Yellen kept options open for more US rate hikes while State Bank of India fell after posting disappointing earnings.
The 30-share index ended the day at 22,951, down 807.07 points, while broad-based 50-share index quoted 6,976, down 239.35 points at close.
Market breadth turned fairly negative with 28 of the 30 Sensex components ending the day in red.
Tata Motors was the top loser on Sensex and settled the day 7 per cent down after the auto major reported losses in December quarter profit.
Sticking largely to the script, Yellen made clear the central bank remained on a path of 'gradual' policy tightening. Yet she also highlighted growing risks facing the economy.
Among Asian markets, Hong Kong's Hang Seng index closed 3.8 per cent lower after the market returned from a three day closure for the Lunar New Year. Chinese markets will re-open on Monday, while Japanese markets are closed today for a public holiday.
Dow futures are trading 250 points lower, indicating negative start to the US markets.
The benchmark indices tumbled tracking losses in global markets after US Federal Reserve Chair Janet Yellen kept options open for more US rate hikes while State Bank of India fell after posting disappointing earnings.
The 30-share index ended the day at 22,951, down 807.07 points, while broad-based 50-share index quoted 6,976, down 239.35 points at close.
Market breadth turned fairly negative with 28 of the 30 Sensex components ending the day in red.
Tata Motors was the top loser on Sensex and settled the day 7 per cent down after the auto major reported losses in December quarter profit.
Sticking largely to the script, Yellen made clear the central bank remained on a path of 'gradual' policy tightening. Yet she also highlighted growing risks facing the economy.
Among Asian markets, Hong Kong's Hang Seng index closed 3.8 per cent lower after the market returned from a three day closure for the Lunar New Year. Chinese markets will re-open on Monday, while Japanese markets are closed today for a public holiday.
Dow futures are trading 250 points lower, indicating negative start to the US markets.
Tata Motors Q3 net profit down 2%; but beats expectations
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Country's biggest automaker Tata Motors reported consolidated net profit down by 2 per cent at Rs 3,507.54 crore in Q3, still managing to beat analyst expectations.
Its net sales were up 3.71 per cent at Rs 71,686.12 crore for the December quarter.
The analysts had expected company's net profit at Rs 2,761 crore for the third quarter, hit by weak China sales. The company reported lower sales of its luxury Jaguar Land Rover unit in China, once its fastest growing market.
But the automaker managed to beat analyst expectations, helped by strong sales of its Jaguar saloons and sporty Range Rover vehicles in Europe and North America that partly offset the slowdown in China.
Tata Motors said it had reported net profit of Rs 3,581 crore in Q3 in the year-ago period.
Country's biggest automaker Tata Motors reported consolidated net profit down by 2 per cent at Rs 3,507.54 crore in Q3, still managing to beat analyst expectations.
Its net sales were up 3.71 per cent at Rs 71,686.12 crore for the December quarter.
The analysts had expected company's net profit at Rs 2,761 crore for the third quarter, hit by weak China sales. The company reported lower sales of its luxury Jaguar Land Rover unit in China, once its fastest growing market.
But the automaker managed to beat analyst expectations, helped by strong sales of its Jaguar saloons and sporty Range Rover vehicles in Europe and North America that partly offset the slowdown in China.
Tata Motors said it had reported net profit of Rs 3,581 crore in Q3 in the year-ago period.
Gold climbs 1.19% on positive global cues to Rs 28,655
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Gold remained higher for the second straight day and prices shot up by another 1.19 per cent to Rs 28,655 per 10 grams in futures trade today, tracking a firming trend overseas.
Besides, pick up in demand at the spot market in view of wedding season further fuelled the uptrend.
At the Multi Commodity Exchange, gold for delivery in April jumped up by Rs 338, or 1.19 per cent, to Rs 28,655 per 10 grams, in a business turnover of 560 lots.
On similar lines, the yellow metal for delivery in June traded higher by Rs 326, or 1.14 per cent, to Rs 28,860 per 10 grams in four lots.
Analysts attributed the rise in gold futures to a firming global trend where gold jumped to the highest level in eight months after Federal Reserve Chair Janet Yellen signaled that the US central bank may delay further interest-rate increases should the turmoil in global markets continue.
Globally, gold rallied 1.5 per cent to $1,214.64 an ounce, the highest since May 22 in Singapore.
Gold remained higher for the second straight day and prices shot up by another 1.19 per cent to Rs 28,655 per 10 grams in futures trade today, tracking a firming trend overseas.
Besides, pick up in demand at the spot market in view of wedding season further fuelled the uptrend.
At the Multi Commodity Exchange, gold for delivery in April jumped up by Rs 338, or 1.19 per cent, to Rs 28,655 per 10 grams, in a business turnover of 560 lots.
On similar lines, the yellow metal for delivery in June traded higher by Rs 326, or 1.14 per cent, to Rs 28,860 per 10 grams in four lots.
Analysts attributed the rise in gold futures to a firming global trend where gold jumped to the highest level in eight months after Federal Reserve Chair Janet Yellen signaled that the US central bank may delay further interest-rate increases should the turmoil in global markets continue.
Globally, gold rallied 1.5 per cent to $1,214.64 an ounce, the highest since May 22 in Singapore.
How low can it go? Oil seen falling in days to $25 a barrel
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Crude prices may be days away from hitting $25 a barrel or even lower as weakening technicals put more pressure on a market already staggering from oversupply, chartists said.
US crude's West Texas Intermediate (WTI) futures settled at $27.45 on Wednesday, slightly more than $1 above 12-year lows hit last month. UK's Brent was at $30.84 a barrel, more $3 above its 12-year low of $27.10 hit on Jan. 20.
Matthew Sferro, technical analyst at New York's Informa Global Markets, said if WTI fell further, it would likely test a September 2003 low of $26.65 before a $25.04 support established in April that year.
"Based on typical movement, I'd say within a couple of weeks it would be conservative for this to happen," he said. "But it could also be in a few days, depending on how fast things accelerate."
After rebounding $5 to $7 a barrel from 12-year lows hit last month, oil prices have all but crashed in the past week as talk of production cuts by the biggest producers came to nought.
Data also showed OPEC was pumping more to make up for the output slack in countries drilling less oil due to uneconomic prices.
Analysts said WTI was in a weaker position to Brent, after record high stockpiles at the Cushing, Oklahoma, delivery point for US crude futures.
For Brent to descend into the mid $20 levels, it would have to take out the Jan. 26 intraday low of $29.27, and the $27.10 bottom set on Jan. 20, Sferro said.
From there, Brent's next target would be $24.36 based on a 100 per cent Fibonacci extension level, arrived at after deducting the difference between a Jan. 4 intraday high of $38.99 and Jan. 20 low of $38.99, and subtracting that further from a Feb. 21, 2004, peak of $36.25.
Fawad Razaqzada, technical analyst for forex.com in London, said if WTI does rebound, it will need to break a $29.35 resistance to attract potential buyers. "A decisive break below $27.50 however could pave the way for a move towards the next psychological level of $25."
Brent was also poised for a 61.8 per cent Fibonacci retracement of its most recent rally at around $30, he said.
"As the path of least resistance is to the downside for oil, bullish traders should remain nimble, for now."
Crude prices may be days away from hitting $25 a barrel or even lower as weakening technicals put more pressure on a market already staggering from oversupply, chartists said.
US crude's West Texas Intermediate (WTI) futures settled at $27.45 on Wednesday, slightly more than $1 above 12-year lows hit last month. UK's Brent was at $30.84 a barrel, more $3 above its 12-year low of $27.10 hit on Jan. 20.
Matthew Sferro, technical analyst at New York's Informa Global Markets, said if WTI fell further, it would likely test a September 2003 low of $26.65 before a $25.04 support established in April that year.
"Based on typical movement, I'd say within a couple of weeks it would be conservative for this to happen," he said. "But it could also be in a few days, depending on how fast things accelerate."
After rebounding $5 to $7 a barrel from 12-year lows hit last month, oil prices have all but crashed in the past week as talk of production cuts by the biggest producers came to nought.
Data also showed OPEC was pumping more to make up for the output slack in countries drilling less oil due to uneconomic prices.
Analysts said WTI was in a weaker position to Brent, after record high stockpiles at the Cushing, Oklahoma, delivery point for US crude futures.
For Brent to descend into the mid $20 levels, it would have to take out the Jan. 26 intraday low of $29.27, and the $27.10 bottom set on Jan. 20, Sferro said.
From there, Brent's next target would be $24.36 based on a 100 per cent Fibonacci extension level, arrived at after deducting the difference between a Jan. 4 intraday high of $38.99 and Jan. 20 low of $38.99, and subtracting that further from a Feb. 21, 2004, peak of $36.25.
Fawad Razaqzada, technical analyst for forex.com in London, said if WTI does rebound, it will need to break a $29.35 resistance to attract potential buyers. "A decisive break below $27.50 however could pave the way for a move towards the next psychological level of $25."
Brent was also poised for a 61.8 per cent Fibonacci retracement of its most recent rally at around $30, he said.
"As the path of least resistance is to the downside for oil, bullish traders should remain nimble, for now."
State Bank of India Q3 net profit plunges as bad loans rise
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State Bank of India (SBI), the nation's top lender by assets, said quarterly net profit fell nearly two-thirds, below estimates, as it soaked up more bad loans and provisions in line with a Reserve Bank of India (RBI) drive to tidy up India's banking industry.
The lender said on Thursday net profit for its fiscal third quarter ended December slid 62 percent to 11.15 billion rupees ($164 million) from 29.1 billion rupees a year earlier. Analysts on average had expected a net profit of 33.08 billion rupees.
SBI's provisions for bad loans almost doubled from a quarter earlier to 76.45 billion rupees. Still, gross bad loans expressed as a percentage of total loans only rose to 5.1 percent from 4.15 percent over the same period.
Shares in SBI, which accounts for almost a quarter of India's banking business, at first rose more than 5 percent after the results were published as investors rated the bank as outperforming peers. But they later reversed, falling as much as 2.8 percent, as gloom settled over the industry's prospects.
The RBI, the banking sector regulator, has asked lenders to treat some accounts with questionmarks hanging over them as official 'bad loans' and make adequate provisions. The central bank is attempting to clean up India's bank balance sheets by March 2017.
More than two dozen lenders majority-owned by the government dominate India's banking sector with two-thirds of the assets. These lenders together also account for about 85 percent of the sector's troubled assets.
Earlier on Thursday, state-run Bank of India reported a loss for the December quarter as bad loans surged, whereas quarterly profit at another state-owned lender, Union Bank of India fell 74 percent.
State Bank of India (SBI), the nation's top lender by assets, said quarterly net profit fell nearly two-thirds, below estimates, as it soaked up more bad loans and provisions in line with a Reserve Bank of India (RBI) drive to tidy up India's banking industry.
The lender said on Thursday net profit for its fiscal third quarter ended December slid 62 percent to 11.15 billion rupees ($164 million) from 29.1 billion rupees a year earlier. Analysts on average had expected a net profit of 33.08 billion rupees.
SBI's provisions for bad loans almost doubled from a quarter earlier to 76.45 billion rupees. Still, gross bad loans expressed as a percentage of total loans only rose to 5.1 percent from 4.15 percent over the same period.
Shares in SBI, which accounts for almost a quarter of India's banking business, at first rose more than 5 percent after the results were published as investors rated the bank as outperforming peers. But they later reversed, falling as much as 2.8 percent, as gloom settled over the industry's prospects.
The RBI, the banking sector regulator, has asked lenders to treat some accounts with questionmarks hanging over them as official 'bad loans' and make adequate provisions. The central bank is attempting to clean up India's bank balance sheets by March 2017.
More than two dozen lenders majority-owned by the government dominate India's banking sector with two-thirds of the assets. These lenders together also account for about 85 percent of the sector's troubled assets.
Earlier on Thursday, state-run Bank of India reported a loss for the December quarter as bad loans surged, whereas quarterly profit at another state-owned lender, Union Bank of India fell 74 percent.
General Awareness
India tops milk output in 2014-15, but lags behind in productivity: NDRI data
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India had topped the record of milk production which is of 146.31 million tonnes in 2014-15 and it was 137.7 million tonnes in the previous year as per the National Dairy Research Institute (NDRI) data but it lags behind in the productivity.
Key Highlights
- India tops the list of the major milk-producing countries in the world followed by the USA, China, Pakistan and Brazil.
- But the milk productivity (production per animal) in the country is very less as compared to those in developed dairy nations.
- Currently the share of India for milk production is nearly 16% of total world production.
- Globally the production increase by an average of 2.2%.
- The report about the productivity of milk was generated by NDRI.
- The total milk production is recorded as 146.31 million tonnes.
- The domestic consumption of Milk in India is very high which results in the lower productivity.
About NDRI
- The National Dairy Research Institute (NDRI) is a dairy research Institute.It is situated in Karnal Haryana and established in 1932.
- The Dairy Research Institution undertakes research, teaching and extension activities towards dairy development in the country
- The institute accorded the status of Deemed University in the year 1989.
- The world first in vitro fertilized buffalo calf was born at NDRI.
- The first IVF buffalo calf Pratham of the world was also cloned by NDRI.
Director of NDRI: A.K Srivastava is the
- India had topped the record of milk production which is of 146.31 million tonnes in 2014-15 and it was 137.7 million tonnes in the previous year as per the National Dairy Research Institute (NDRI) data but it lags behind in the productivity.Key Highlights
- India tops the list of the major milk-producing countries in the world followed by the USA, China, Pakistan and Brazil.
- But the milk productivity (production per animal) in the country is very less as compared to those in developed dairy nations.
- Currently the share of India for milk production is nearly 16% of total world production.
- Globally the production increase by an average of 2.2%.
- The report about the productivity of milk was generated by NDRI.
- The total milk production is recorded as 146.31 million tonnes.
- The domestic consumption of Milk in India is very high which results in the lower productivity.
About NDRI- The National Dairy Research Institute (NDRI) is a dairy research Institute.It is situated in Karnal Haryana and established in 1932.
- The Dairy Research Institution undertakes research, teaching and extension activities towards dairy development in the country
- The institute accorded the status of Deemed University in the year 1989.
- The world first in vitro fertilized buffalo calf was born at NDRI.
- The first IVF buffalo calf Pratham of the world was also cloned by NDRI.
Director of NDRI: A.K Srivastava is the - India tops the list of the major milk-producing countries in the world followed by the USA, China, Pakistan and Brazil.
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