General Affairs
Government Taking Steps To Tide Over Drought Situation: Prakash Javadekar
-
NEW DELHI: Government is sensitive towards drought and is taking concrete steps to provide permanent solutions to tide over water scarcity in times of poor monsoon, Environment Minister Prakash Javadekar said today.
As many as 10 states have declared drought in 256 districts in the country due to deficit rains for the second consecutive year, aggravating drinking water problems in states like Maharashtra.
"Our government is already sensitive towards drought and water issues. We are there for three years. Our government is taking concrete measures to provide permanent solutions to save water and boost water resources via Pradhan Mantri Krishi Sinchai Yojana, river linking programme and others," Mr Javadekar told reporters after a Cabinet meeting.
The permanent solutions will ensure people do not suffer in times of drought, the frequency of which is expected to increase due to climate change, he said.
The minister was responding to the queries related to impact of drought in the country.
Stating that the Centre is monitoring the drought-hit states, Mr Javadekar said, "We have released relief funds to states. The Centre is providing whatever support is required by the state governments."
The Centre has raised the budget allocation for irrigation schemes this year. It is also working with the state governments to find solutions for reducing the impact of drought, he added.
The minister also said water is precious and needs to be saved because India -- which has 17 per cent of global population -- has only 4 per cent of the world's water resources.
NEW DELHI: Government is sensitive towards drought and is taking concrete steps to provide permanent solutions to tide over water scarcity in times of poor monsoon, Environment Minister Prakash Javadekar said today.
As many as 10 states have declared drought in 256 districts in the country due to deficit rains for the second consecutive year, aggravating drinking water problems in states like Maharashtra.
"Our government is already sensitive towards drought and water issues. We are there for three years. Our government is taking concrete measures to provide permanent solutions to save water and boost water resources via Pradhan Mantri Krishi Sinchai Yojana, river linking programme and others," Mr Javadekar told reporters after a Cabinet meeting.
The permanent solutions will ensure people do not suffer in times of drought, the frequency of which is expected to increase due to climate change, he said.
The minister was responding to the queries related to impact of drought in the country.
Stating that the Centre is monitoring the drought-hit states, Mr Javadekar said, "We have released relief funds to states. The Centre is providing whatever support is required by the state governments."
The Centre has raised the budget allocation for irrigation schemes this year. It is also working with the state governments to find solutions for reducing the impact of drought, he added.
The minister also said water is precious and needs to be saved because India -- which has 17 per cent of global population -- has only 4 per cent of the world's water resources.
As many as 10 states have declared drought in 256 districts in the country due to deficit rains for the second consecutive year, aggravating drinking water problems in states like Maharashtra.
"Our government is already sensitive towards drought and water issues. We are there for three years. Our government is taking concrete measures to provide permanent solutions to save water and boost water resources via Pradhan Mantri Krishi Sinchai Yojana, river linking programme and others," Mr Javadekar told reporters after a Cabinet meeting.
The permanent solutions will ensure people do not suffer in times of drought, the frequency of which is expected to increase due to climate change, he said.
The minister was responding to the queries related to impact of drought in the country.
Stating that the Centre is monitoring the drought-hit states, Mr Javadekar said, "We have released relief funds to states. The Centre is providing whatever support is required by the state governments."
The Centre has raised the budget allocation for irrigation schemes this year. It is also working with the state governments to find solutions for reducing the impact of drought, he added.
The minister also said water is precious and needs to be saved because India -- which has 17 per cent of global population -- has only 4 per cent of the world's water resources.
New Policy Soon To Rein In App-Based Cab Companies, Says Gopal Rai
-
NEW DELHI: In order to rein in app-based taxi services, Delhi government has decided to introduce a policy under which cab companies will be bound to charge fares to be prescribed by the transport department.
Transport Minister Gopal Rai said government has started working out modalities of the policy which will soon be made public.
"The policy will be exclusively for all the app-based taxis giving their services in the national capital. We will fix fares for them as we have done in the case of radio, economy cabs and kali-pili taxis. All app-based taxi services will be regulated through this policy," Mr Rai told news agency PTI.
The transport minister said once the new rules are laid down, app-based cab companies will be bound to follow the same.
Earlier in the day, Delhi Chief Minister Arvind Kejriwal said that surge pricing by app based taxi operators is "daylight robbery", asserting that overcharging and blackmailing won't be allowed in the national capital.
"Surge pricing is daylight robbery. No responsible govt can allow that," he tweeted
A senior official said that several app-based cab companies, including Ola and Uber, are not registered with the Delhi government transport department, but still they are running their taxis in the capital. Under new policy, these companies will have to seek licence to operate their taxis.
The government's move comes after it received several complaints of surge pricing by Ola, Uber and other companies since the second phase of odd-even was implemented.
Another senior official said that as most app-based companies, including Ola and Uber, are not registered with transport department and their taxi operation is "illegal", government cannot "rein in" them due to which they are free to decide their fares as per their business interest.
"The overcharging violations do not apply on app-based taxi services as they are not registered with government.
"However, government will ensure that these operators do not charge exorbitant fares even after the wrapping up of odd-even scheme," the official further said.
NEW DELHI: In order to rein in app-based taxi services, Delhi government has decided to introduce a policy under which cab companies will be bound to charge fares to be prescribed by the transport department.
Transport Minister Gopal Rai said government has started working out modalities of the policy which will soon be made public.
"The policy will be exclusively for all the app-based taxis giving their services in the national capital. We will fix fares for them as we have done in the case of radio, economy cabs and kali-pili taxis. All app-based taxi services will be regulated through this policy," Mr Rai told news agency PTI.
The transport minister said once the new rules are laid down, app-based cab companies will be bound to follow the same.
Earlier in the day, Delhi Chief Minister Arvind Kejriwal said that surge pricing by app based taxi operators is "daylight robbery", asserting that overcharging and blackmailing won't be allowed in the national capital.
"Surge pricing is daylight robbery. No responsible govt can allow that," he tweeted
A senior official said that several app-based cab companies, including Ola and Uber, are not registered with the Delhi government transport department, but still they are running their taxis in the capital. Under new policy, these companies will have to seek licence to operate their taxis.
The government's move comes after it received several complaints of surge pricing by Ola, Uber and other companies since the second phase of odd-even was implemented.
Another senior official said that as most app-based companies, including Ola and Uber, are not registered with transport department and their taxi operation is "illegal", government cannot "rein in" them due to which they are free to decide their fares as per their business interest.
"The overcharging violations do not apply on app-based taxi services as they are not registered with government.
"However, government will ensure that these operators do not charge exorbitant fares even after the wrapping up of odd-even scheme," the official further said.
Transport Minister Gopal Rai said government has started working out modalities of the policy which will soon be made public.
"The policy will be exclusively for all the app-based taxis giving their services in the national capital. We will fix fares for them as we have done in the case of radio, economy cabs and kali-pili taxis. All app-based taxi services will be regulated through this policy," Mr Rai told news agency PTI.
The transport minister said once the new rules are laid down, app-based cab companies will be bound to follow the same.
Earlier in the day, Delhi Chief Minister Arvind Kejriwal said that surge pricing by app based taxi operators is "daylight robbery", asserting that overcharging and blackmailing won't be allowed in the national capital.
"Surge pricing is daylight robbery. No responsible govt can allow that," he tweeted
A senior official said that several app-based cab companies, including Ola and Uber, are not registered with the Delhi government transport department, but still they are running their taxis in the capital. Under new policy, these companies will have to seek licence to operate their taxis.
The government's move comes after it received several complaints of surge pricing by Ola, Uber and other companies since the second phase of odd-even was implemented.
Another senior official said that as most app-based companies, including Ola and Uber, are not registered with transport department and their taxi operation is "illegal", government cannot "rein in" them due to which they are free to decide their fares as per their business interest.
"The overcharging violations do not apply on app-based taxi services as they are not registered with government.
"However, government will ensure that these operators do not charge exorbitant fares even after the wrapping up of odd-even scheme," the official further said.
Chief Minister Nitish Kumar Promises Foolproof Security In Bihar Courts
-
PATNA: Two days after Chapra court was rocked by a blast injuring four persons, Bihar Chief Minister Nitish Kumar today said foolproof security arrangements would be made in courts of the state.
"Foolproof security arrangements would be made in all the courts after studying the condition of their building as every court has different structure," Mr Kumar said.
Details like road leading to the court, boundary and pathways would be studied for making the security arrangement, the chief minister said, adding, special care would be taken for maintaining safety of courts against earthquake.
Mr Kumar said that he had given orders to initiate step for ensuring foolproof security in courts after a detailed study of their structure.
"CCTV Cameras would also be installed to keep a watch over movement of people in the courts premises," he added.
The issue of security in courts has come to the fore after a bomb blast in Chapra court on April 18 where four persons, including a woman was seriously injured after the bomb she was carrying went off accidentally at civil court premises in Chapra in Saran district.
PATNA: Two days after Chapra court was rocked by a blast injuring four persons, Bihar Chief Minister Nitish Kumar today said foolproof security arrangements would be made in courts of the state.
"Foolproof security arrangements would be made in all the courts after studying the condition of their building as every court has different structure," Mr Kumar said.
Details like road leading to the court, boundary and pathways would be studied for making the security arrangement, the chief minister said, adding, special care would be taken for maintaining safety of courts against earthquake.
Mr Kumar said that he had given orders to initiate step for ensuring foolproof security in courts after a detailed study of their structure.
"CCTV Cameras would also be installed to keep a watch over movement of people in the courts premises," he added.
The issue of security in courts has come to the fore after a bomb blast in Chapra court on April 18 where four persons, including a woman was seriously injured after the bomb she was carrying went off accidentally at civil court premises in Chapra in Saran district.
"Foolproof security arrangements would be made in all the courts after studying the condition of their building as every court has different structure," Mr Kumar said.
Details like road leading to the court, boundary and pathways would be studied for making the security arrangement, the chief minister said, adding, special care would be taken for maintaining safety of courts against earthquake.
Mr Kumar said that he had given orders to initiate step for ensuring foolproof security in courts after a detailed study of their structure.
"CCTV Cameras would also be installed to keep a watch over movement of people in the courts premises," he added.
The issue of security in courts has come to the fore after a bomb blast in Chapra court on April 18 where four persons, including a woman was seriously injured after the bomb she was carrying went off accidentally at civil court premises in Chapra in Saran district.
Nepal President Bidhya Devi Bhandari To Visit India From May 9
-
KATHMANDU: Nepal President Bidhya Devi Bhandari will be visiting India from May 9 on her first foreign visit since assuming the office of the head of the state last October.
Initially, the Nepal President had expressed interest in attending the Simhastha Kumbh Mela in Ujjain city of Madhya Pradesh. This was communicated to the Indian side which, wishing to play host to the Nepali head of state, converted the visit to an official one, officials privy to the matter told Indo-Asian News Service.
Ms Bhandari would, therefore, be visiting India on the invitation of Indian President Pranab Mukherjee.
Preparations are underway for her India visit, said officials, adding that the two back-to-back visits -- by President Bhandari in May and Prime Minister KP Sharma Oli in March -- are expected to boost bilateral ties that touched a new low after the promulgation of the new constitution in September last year.
There could be two reasons behind making the visit official -- one because she is the first woman president of Nepal and the second that she was elected to the top office post-promulgation of the new constitution.
In her two-leg visit, she will reach New Delhi on May 9 and the following day would be meeting senior Indian officials and leaders, said sources.
She would meet President Pranab Mukharjee on May 10 at Rashtrapati Bhavan, according to the preliminary itinerary.
On the same day, Prime Minister Narendra Modi, External Affairs Minister Sushma Swaraj and other Indian leaders will call on President Bhandari in New Delhi.
After her meetings and engagements in New Delhi, the Nepal President will fly to Ujjain in Madhya Pradesh, to take part in the Simhastha Kumbh Mela where state Chief Minister Shivraj Singh Chouhan and other senior officials will meet her.
The details of the visit, size of the delegation and other preparations are yet to be worked out, said officials.
The previous president, Ram Baran Yadav, paid two official and one state visit to India but none of the Indian presidents has visited Nepal since 1998.
KATHMANDU: Nepal President Bidhya Devi Bhandari will be visiting India from May 9 on her first foreign visit since assuming the office of the head of the state last October.
Initially, the Nepal President had expressed interest in attending the Simhastha Kumbh Mela in Ujjain city of Madhya Pradesh. This was communicated to the Indian side which, wishing to play host to the Nepali head of state, converted the visit to an official one, officials privy to the matter told Indo-Asian News Service.
Ms Bhandari would, therefore, be visiting India on the invitation of Indian President Pranab Mukherjee.
Preparations are underway for her India visit, said officials, adding that the two back-to-back visits -- by President Bhandari in May and Prime Minister KP Sharma Oli in March -- are expected to boost bilateral ties that touched a new low after the promulgation of the new constitution in September last year.
There could be two reasons behind making the visit official -- one because she is the first woman president of Nepal and the second that she was elected to the top office post-promulgation of the new constitution.
In her two-leg visit, she will reach New Delhi on May 9 and the following day would be meeting senior Indian officials and leaders, said sources.
She would meet President Pranab Mukharjee on May 10 at Rashtrapati Bhavan, according to the preliminary itinerary.
On the same day, Prime Minister Narendra Modi, External Affairs Minister Sushma Swaraj and other Indian leaders will call on President Bhandari in New Delhi.
After her meetings and engagements in New Delhi, the Nepal President will fly to Ujjain in Madhya Pradesh, to take part in the Simhastha Kumbh Mela where state Chief Minister Shivraj Singh Chouhan and other senior officials will meet her.
The details of the visit, size of the delegation and other preparations are yet to be worked out, said officials.
The previous president, Ram Baran Yadav, paid two official and one state visit to India but none of the Indian presidents has visited Nepal since 1998.
Initially, the Nepal President had expressed interest in attending the Simhastha Kumbh Mela in Ujjain city of Madhya Pradesh. This was communicated to the Indian side which, wishing to play host to the Nepali head of state, converted the visit to an official one, officials privy to the matter told Indo-Asian News Service.
Preparations are underway for her India visit, said officials, adding that the two back-to-back visits -- by President Bhandari in May and Prime Minister KP Sharma Oli in March -- are expected to boost bilateral ties that touched a new low after the promulgation of the new constitution in September last year.
There could be two reasons behind making the visit official -- one because she is the first woman president of Nepal and the second that she was elected to the top office post-promulgation of the new constitution.
In her two-leg visit, she will reach New Delhi on May 9 and the following day would be meeting senior Indian officials and leaders, said sources.
She would meet President Pranab Mukharjee on May 10 at Rashtrapati Bhavan, according to the preliminary itinerary.
On the same day, Prime Minister Narendra Modi, External Affairs Minister Sushma Swaraj and other Indian leaders will call on President Bhandari in New Delhi.
After her meetings and engagements in New Delhi, the Nepal President will fly to Ujjain in Madhya Pradesh, to take part in the Simhastha Kumbh Mela where state Chief Minister Shivraj Singh Chouhan and other senior officials will meet her.
The details of the visit, size of the delegation and other preparations are yet to be worked out, said officials.
The previous president, Ram Baran Yadav, paid two official and one state visit to India but none of the Indian presidents has visited Nepal since 1998.
China's Population Reaches 1.373 Billion
-
BEIJING: China's mainland population reached 1.373 billion at the beginning of November, up 33.77 million since the last census was held in 2010, the statistics bureau said in estimates published on Wednesday.
China's urban population reached 767.5 million, amounting to 55.88 percent of the total and up 6.2 percentage points since 2010, the National Bureau of Statistics said on its website (http://www.stats.gov.cn).
China's population is set to peak at about 1.45 billion by 2050 when one in every three is expected to be more than 60, with a shrinking proportion of working adults to support them.
Beijing announced last year that it would relax a controversial one-child policy launched in the late 1970s and allow all couples to have two children in an effort to redress the imbalance.
The statistics bureau said on Wednesday that as many as 16.15 percent of the population were now over 60.
BEIJING: China's mainland population reached 1.373 billion at the beginning of November, up 33.77 million since the last census was held in 2010, the statistics bureau said in estimates published on Wednesday.
China's urban population reached 767.5 million, amounting to 55.88 percent of the total and up 6.2 percentage points since 2010, the National Bureau of Statistics said on its website (http://www.stats.gov.cn).
China's population is set to peak at about 1.45 billion by 2050 when one in every three is expected to be more than 60, with a shrinking proportion of working adults to support them.
Beijing announced last year that it would relax a controversial one-child policy launched in the late 1970s and allow all couples to have two children in an effort to redress the imbalance.
The statistics bureau said on Wednesday that as many as 16.15 percent of the population were now over 60.
China's urban population reached 767.5 million, amounting to 55.88 percent of the total and up 6.2 percentage points since 2010, the National Bureau of Statistics said on its website (http://www.stats.gov.cn).
China's population is set to peak at about 1.45 billion by 2050 when one in every three is expected to be more than 60, with a shrinking proportion of working adults to support them.
Beijing announced last year that it would relax a controversial one-child policy launched in the late 1970s and allow all couples to have two children in an effort to redress the imbalance.
The statistics bureau said on Wednesday that as many as 16.15 percent of the population were now over 60.
Business Affairs
Sensex ends flat, Nifty above 7,900 tracking global cues; Tata Steel top gainer
-
Extending gains for a fifth consecutive session, the S&P BSE Sensex on Wednesday ended 27 points higher, while broader CNX Nifty settled the day above its key 7,900-mark.
Domestic markets were little changed after hitting their highest level in more than three months earlier in the session, as Tata Consultancy Services fell on weaker-than-expected margins, while Asian equities languished following a drop in oil prices.
The 30-share index ended the day at 25,844, up 27.82 points, while broad-based 50-share index quoted 7,914, up 0.05 points at close.
Market breadth remained positive with 20 of the 30 Sensex components ending the day in green.
Oil prices skidded after Kuwaiti oil workers ended a three-day strike that had cut the nation's crude output by around half, with worries about an oversupplied market returning to the fore.
But overall sentiment remained supported after data this month showed easing inflation and a government forecast for an above-average monsoon rains sparked hopes of more rate cuts by the central bank.
"Monsoon forecast has been above normal, so market is expecting another rate cut some time," said Ajay Bodke, CEO and chief portfolio manager at Prabhudas Lilladher.
Tata Steel was the best performing stock on the Sensex and added over 6 per cent on the BSE after Sky News reported that managers at Tata's Port Talbot steelworks have been briefed about a potential management buyout plan, citing sources.
Stock of Wipro gained 2.31 per cent ahead of March quarter resluts to be announced later in the day, while stock of TCS was among the biggest drags, falling 2.83 per cent after the software services exporter's fourth-quarter margins came in below expectations.
Among Asian markets, Japan's Nikkei added 0.19 per cent, but China's Shanghai Composite and Hong Kong's Hang Send index shed 2.31 per cent and over 0.93 per cent, respectively.
Extending gains for a fifth consecutive session, the S&P BSE Sensex on Wednesday ended 27 points higher, while broader CNX Nifty settled the day above its key 7,900-mark.
Domestic markets were little changed after hitting their highest level in more than three months earlier in the session, as Tata Consultancy Services fell on weaker-than-expected margins, while Asian equities languished following a drop in oil prices.
The 30-share index ended the day at 25,844, up 27.82 points, while broad-based 50-share index quoted 7,914, up 0.05 points at close.
Market breadth remained positive with 20 of the 30 Sensex components ending the day in green.
Oil prices skidded after Kuwaiti oil workers ended a three-day strike that had cut the nation's crude output by around half, with worries about an oversupplied market returning to the fore.
But overall sentiment remained supported after data this month showed easing inflation and a government forecast for an above-average monsoon rains sparked hopes of more rate cuts by the central bank.
"Monsoon forecast has been above normal, so market is expecting another rate cut some time," said Ajay Bodke, CEO and chief portfolio manager at Prabhudas Lilladher.
Tata Steel was the best performing stock on the Sensex and added over 6 per cent on the BSE after Sky News reported that managers at Tata's Port Talbot steelworks have been briefed about a potential management buyout plan, citing sources.
Stock of Wipro gained 2.31 per cent ahead of March quarter resluts to be announced later in the day, while stock of TCS was among the biggest drags, falling 2.83 per cent after the software services exporter's fourth-quarter margins came in below expectations.
Among Asian markets, Japan's Nikkei added 0.19 per cent, but China's Shanghai Composite and Hong Kong's Hang Send index shed 2.31 per cent and over 0.93 per cent, respectively.
Crude oil import bill halves to $64 billion in 2015-16
-
India's crude oil import bill nearly halved to $64 billion in 2015-16 fiscal as global oil prices slumped to multi-year lows.
India imported 202.1 million tonnes of crude oil in the fiscal year that ended March 31, for $64.4 billion, according to latest data available from Petroleum Ministry.
This compared to import of 189.4 million tonnes of crude oil for $112.7 billion in the previous 2014-15 fiscal.
In rupee term, import of crude oil, which on processing converts into fuel like petrol and diesel, was Rs 4,18,931 crore in 2015-16, down from Rs 6,87,416 crore a year ago.
While the basket of crude oil India imports averaged $84.16 per barrel in 2014-15, it cost only $46.17 a barrel in FY16. Indian basket averaged $105.52 per barrel in 2013-14.
Domestic crude oil production was marginally lower at 36.9 million tonnes in 2015-16 from 37.5 million tonnes in the previous financial year. Consumption however fuel consumption at 183.5 million tonnes, registered a growth of 10.9 per cent, the highest in 15-years.
India also imported 28.3 million tonnes of petroleum products worth $10 billion in FY16 compared with $12.1 billion it had paid for import of 21.3 million tonnes of fuel in the year ago period.
Fuel exports improved during March 2016 by 11.4 per cent to 5.5 million tonnes worth $2.3 billion. On cumulative basis, petroleum product exports were lower by 5.1 per cent to 60.6 million tonnes worth $27.4 billion as against export of 63.9 million tonnes of fuel for $47.3 billion.
Indigenous crude oil production during March was lower by 5.1 per cent (3.1 million tonnes) than in the previous year.
India's crude oil import bill nearly halved to $64 billion in 2015-16 fiscal as global oil prices slumped to multi-year lows.
India imported 202.1 million tonnes of crude oil in the fiscal year that ended March 31, for $64.4 billion, according to latest data available from Petroleum Ministry.
This compared to import of 189.4 million tonnes of crude oil for $112.7 billion in the previous 2014-15 fiscal.
In rupee term, import of crude oil, which on processing converts into fuel like petrol and diesel, was Rs 4,18,931 crore in 2015-16, down from Rs 6,87,416 crore a year ago.
While the basket of crude oil India imports averaged $84.16 per barrel in 2014-15, it cost only $46.17 a barrel in FY16. Indian basket averaged $105.52 per barrel in 2013-14.
Domestic crude oil production was marginally lower at 36.9 million tonnes in 2015-16 from 37.5 million tonnes in the previous financial year. Consumption however fuel consumption at 183.5 million tonnes, registered a growth of 10.9 per cent, the highest in 15-years.
India also imported 28.3 million tonnes of petroleum products worth $10 billion in FY16 compared with $12.1 billion it had paid for import of 21.3 million tonnes of fuel in the year ago period.
Fuel exports improved during March 2016 by 11.4 per cent to 5.5 million tonnes worth $2.3 billion. On cumulative basis, petroleum product exports were lower by 5.1 per cent to 60.6 million tonnes worth $27.4 billion as against export of 63.9 million tonnes of fuel for $47.3 billion.
Indigenous crude oil production during March was lower by 5.1 per cent (3.1 million tonnes) than in the previous year.
Wipro Q4 net falls 1.6% to Rs 2,235 crore, revenue up 12.9%
-
The country's third-largest IT firm Wipro today said its consolidated net profit dipped 1.6 per cent to Rs 2,235 crore for the quarter ended March.
This is against a net profit of Rs 2,272 crore in the same quarter last fiscal, Wipro said in a filing to the BSE.
The company's revenue, however, rose 12.9 per cent to Rs 13,741.7 crore during the reported quarter, from Rs 12,171.4 crore in the year-ago period.
IT services revenue, which account for a lion's share of its turnover, stood at Rs 12,796.7 crore in the March quarter as against Rs 11,241.7 crore a year ago, showing a growth of 13.8 per cent.
For FY2015-16, its net profit increased 2.7 per cent to Rs 8,892.2 crore, while revenue grew 9.1 per cent to Rs 51,630.7 crore from last fiscal.
Its Board of Directors has approved a proposal to buyback up to 4 crore shares for around Rs 2,500 crore.
This represents 1.62 per cent of the total paid-up capital at Rs 625 per equity share, it added.
The buyback is proposed to be made from all existing shareholders of the company.
The company, in a statement, said its IT services revenue in constant currency terms was at USD 1,882 million, a sequential increase of 2.4 per cent and year-on-year increase of 6.1 per cent.
It expects its revenue from the IT services business to be in the range of USD 1.90-1.93 billion for the June 2016 quarter.
This would be an increase of 1-3 per cent quarter-on- quarter growth.
"Our focus is to drive significant growth in our 'run' business through integrated services and hyper-automation while gaining leadership in the 'change' business through investments in Digital and Consulting capabilities, IP-based platforms and products and creating differentiated domain solutions for non-linear growth," Wipro CEO and Member of the Board Abidali Z Neemuchwala said.
Wipro's IT services segment had a headcount of 1,72,912 as of March 31, 2016. It added 119 new customers during the quarter, including customers of Cellent and HealthPlan Services (companies acquired by Wipro).
"We have maintained our margins in the quarter, with benefits from utilisation and operational efficiencies largely off-setting the margin impact from our inorganic investments," Wipro CFO Jatin Dalal said.
He added that the company continues to generate robust cash flows during the year.
"The move to buyback equity shares is part of the company's policy to provide regular, stable and consistent return to investors while striving to enhance long-term value for all stakeholders," he said.
The country's third-largest IT firm Wipro today said its consolidated net profit dipped 1.6 per cent to Rs 2,235 crore for the quarter ended March.
This is against a net profit of Rs 2,272 crore in the same quarter last fiscal, Wipro said in a filing to the BSE.
The company's revenue, however, rose 12.9 per cent to Rs 13,741.7 crore during the reported quarter, from Rs 12,171.4 crore in the year-ago period.
IT services revenue, which account for a lion's share of its turnover, stood at Rs 12,796.7 crore in the March quarter as against Rs 11,241.7 crore a year ago, showing a growth of 13.8 per cent.
For FY2015-16, its net profit increased 2.7 per cent to Rs 8,892.2 crore, while revenue grew 9.1 per cent to Rs 51,630.7 crore from last fiscal.
Its Board of Directors has approved a proposal to buyback up to 4 crore shares for around Rs 2,500 crore.
This represents 1.62 per cent of the total paid-up capital at Rs 625 per equity share, it added.
The buyback is proposed to be made from all existing shareholders of the company.
The company, in a statement, said its IT services revenue in constant currency terms was at USD 1,882 million, a sequential increase of 2.4 per cent and year-on-year increase of 6.1 per cent.
It expects its revenue from the IT services business to be in the range of USD 1.90-1.93 billion for the June 2016 quarter.
This would be an increase of 1-3 per cent quarter-on- quarter growth.
"Our focus is to drive significant growth in our 'run' business through integrated services and hyper-automation while gaining leadership in the 'change' business through investments in Digital and Consulting capabilities, IP-based platforms and products and creating differentiated domain solutions for non-linear growth," Wipro CEO and Member of the Board Abidali Z Neemuchwala said.
Wipro's IT services segment had a headcount of 1,72,912 as of March 31, 2016. It added 119 new customers during the quarter, including customers of Cellent and HealthPlan Services (companies acquired by Wipro).
"We have maintained our margins in the quarter, with benefits from utilisation and operational efficiencies largely off-setting the margin impact from our inorganic investments," Wipro CFO Jatin Dalal said.
He added that the company continues to generate robust cash flows during the year.
"The move to buyback equity shares is part of the company's policy to provide regular, stable and consistent return to investors while striving to enhance long-term value for all stakeholders," he said.
Shipping stocks rally up to 29% in April; sector getting back in ship-shape?
-
Amid euphoria over a likely above normal monsoon and the upbeat start to the earnings season, there is one pocket that may have missed investors' radar.
Thanks to over 40 per cent year-to-date jump in Baltic Dry Index (BDI), a gauge for shipping activity, and policy announcements at home, shipping stocks, which had been in the doldrums for long, have seen a sudden spike, with many of them, rising over 20 per cent so far in April.
However, marketmen tracking the sector are advising investors not to get tempted by high returns offered by shipping stocks and read into the fundamentals of shipping companies, before taking a plunge into the distressed pack.
"Baltic dry index is up due to strong demand of capesize and panamax vessels on the global front. As far as Indian shipping stocks are concerned, few stocks are likely to get benefit out of it coupled with recent Maritime India Summit which focused on port development to boost shipping industry by investing Rs 1 lakh crore along with Sagarmala Project," said Mustafa Nadeem, CEO, Epic Research.
BDI gauges the cost of shipping resources and can give investors insight into global supply and demand trends.
Sea-change in Baltic Dry Index
During global financial crisis, BDI had collapsed from an all-time high of 11,793 points in May 2008 to just 663 by December of that year. It fell to an all-time low of 290 in February this year owing to a prolonged slowdown in the global trade, hit by decelerating growth in China, which together took its toll on sea-transportation volumes and shipping rates.
Nonetheless, some experts said that things are looking up on weak crude oil prices and signs of stabilisation in China.
The BDI has gained over 40 per cent YTD to rule comfortably above 650 level.
Vikas Gupta, CIO, ArthVeda Capital said that a surge in BDI index definitely bodes well for the shipping companies. But it is important to analyse segments each shipping companies operate in, Gupta added.
Domestic policy pushes
The prime minister Narendra Modi last week announced plans to mobilise an investment of Rs 1 lakh crore in the port sector. The country is now looking to more than double its port capacity to 3,000 million tonnes by 2025.
Besides, recently Union Minister Nitin Gadkari spoke about halving the previously estimated 10-year timeframe to complete the Sagarmala port development project. He also mentioned to enter an agreement with the defence ministry that could potentially lead to orders worth Rs 50,000 crore for Indian shipyards, including the private ones.
Some shipping stocks reacted to these pieces of news, but that is just an event play, said Nadeem of Epic Research.
Time to bargain hunt?
Independent market analyst Ambareesh Baliga said bargain hunting in depressed sectors like shipping can be rewarding provided that you pick up stocks of companies with sound financials that can withstand the storm and are in a position to utilise the uptrend in the sector to their advantage.
"Companies with weak financials may visually look cheap and could provide a momentary bounce back when the sector recovers, but will underperform in the longer run. I would advice investors to stick with Shipping Corporation of India and Great Eastern Shipping. Both these companies have sound fundamentals and strong promoter backing," said Baliga.
Top bets by Epic Research
- GE shipping: Great Eastern Shipping can be looked for long term investment as the financials are strong with company posting jump in net profit by 54 per cent year-on-year with decent return on investments with continuous dividends. It is making higher top and higher bottoms technically as well and recently stock has bottomed out at Rs 300 levels and is set to make a new high around Rs 510 in fiscal year 2017.
- Shipping Corporation of India: SCI is on a turnaround story with company now generating profits after 3 years of consolidated loss. The company's profit doubled to Rs 60 crore quarter-on-quarter in last quarter as well, indicating the progressive journey of the company. The stock at current levels of Rs 73 is looking promising and immediate support formation at Rs 60 can be used as buying levels for FY17 for a higher target price of Rs 111 and Rs 121.
Amid euphoria over a likely above normal monsoon and the upbeat start to the earnings season, there is one pocket that may have missed investors' radar.
Thanks to over 40 per cent year-to-date jump in Baltic Dry Index (BDI), a gauge for shipping activity, and policy announcements at home, shipping stocks, which had been in the doldrums for long, have seen a sudden spike, with many of them, rising over 20 per cent so far in April.
However, marketmen tracking the sector are advising investors not to get tempted by high returns offered by shipping stocks and read into the fundamentals of shipping companies, before taking a plunge into the distressed pack.
BDI gauges the cost of shipping resources and can give investors insight into global supply and demand trends.
Sea-change in Baltic Dry Index
During global financial crisis, BDI had collapsed from an all-time high of 11,793 points in May 2008 to just 663 by December of that year. It fell to an all-time low of 290 in February this year owing to a prolonged slowdown in the global trade, hit by decelerating growth in China, which together took its toll on sea-transportation volumes and shipping rates.
Nonetheless, some experts said that things are looking up on weak crude oil prices and signs of stabilisation in China.
The BDI has gained over 40 per cent YTD to rule comfortably above 650 level.
Vikas Gupta, CIO, ArthVeda Capital said that a surge in BDI index definitely bodes well for the shipping companies. But it is important to analyse segments each shipping companies operate in, Gupta added.
Domestic policy pushes
The prime minister Narendra Modi last week announced plans to mobilise an investment of Rs 1 lakh crore in the port sector. The country is now looking to more than double its port capacity to 3,000 million tonnes by 2025.
Besides, recently Union Minister Nitin Gadkari spoke about halving the previously estimated 10-year timeframe to complete the Sagarmala port development project. He also mentioned to enter an agreement with the defence ministry that could potentially lead to orders worth Rs 50,000 crore for Indian shipyards, including the private ones.
Some shipping stocks reacted to these pieces of news, but that is just an event play, said Nadeem of Epic Research.
Time to bargain hunt?
Independent market analyst Ambareesh Baliga said bargain hunting in depressed sectors like shipping can be rewarding provided that you pick up stocks of companies with sound financials that can withstand the storm and are in a position to utilise the uptrend in the sector to their advantage.
"Companies with weak financials may visually look cheap and could provide a momentary bounce back when the sector recovers, but will underperform in the longer run. I would advice investors to stick with Shipping Corporation of India and Great Eastern Shipping. Both these companies have sound fundamentals and strong promoter backing," said Baliga.
Top bets by Epic Research
- GE shipping: Great Eastern Shipping can be looked for long term investment as the financials are strong with company posting jump in net profit by 54 per cent year-on-year with decent return on investments with continuous dividends. It is making higher top and higher bottoms technically as well and recently stock has bottomed out at Rs 300 levels and is set to make a new high around Rs 510 in fiscal year 2017.
- Shipping Corporation of India: SCI is on a turnaround story with company now generating profits after 3 years of consolidated loss. The company's profit doubled to Rs 60 crore quarter-on-quarter in last quarter as well, indicating the progressive journey of the company. The stock at current levels of Rs 73 is looking promising and immediate support formation at Rs 60 can be used as buying levels for FY17 for a higher target price of Rs 111 and Rs 121.
Bharti Airtel to sell more than 5% in telecom tower unit
-
Bharti Airtel will sell more than 5% stake in its tower arm Bharti Infratel through an open market block deal, CNBC TV18 reported citing sources.
Bharti Airtel owns a 71.7 per cent stake in Bharti Infratel, and a 5 per cent stake sale in the unit would be worth Rs 3,748 crore ($566.74 million) based on current valuations.
Airtel plans to use the sale proceeds to cut debt, the TV channel reported.
The report did not give a timeline for the planned sale.
Bharti Airtel will sell more than 5% stake in its tower arm Bharti Infratel through an open market block deal, CNBC TV18 reported citing sources.
Bharti Airtel owns a 71.7 per cent stake in Bharti Infratel, and a 5 per cent stake sale in the unit would be worth Rs 3,748 crore ($566.74 million) based on current valuations.
Airtel plans to use the sale proceeds to cut debt, the TV channel reported.
The report did not give a timeline for the planned sale.
General Awareness
Dr. Mahesh Sharma Unveils Gold Finial at Humayun’s Tomb
-
-
Culture and Tourism Minister Mahesh Sharma unveiled the restored 18 feet tall Finial at Humayun’s Tomb, New Delhi as part of the ongoing conservation effort.
- The Tomb is a UNESCO World Heritage Site one of three in the capital has reinstated with a gold crown.
Heritage restoration:
- For the past two year’s workers in traditional techniques and in traditional manners that have stayed alive in India for centuries to create an authentic replica of the Humayun’s Tomb kalash for this UNESCO World Heritage Site.
- The Humayun’s Tomb conservation carried out by the Aga Khan Trust for Culture and the Archaeological Survey of India with the help of the TATA Trusts that preserved the monument for posterity.
- In 2014, the Ministry of Culture declared Humayun’s Tomb to be one of theAdarshmonumentsand Ministry of Tourism has provided a Rs. 49 Crore to Aga Khan Trust to build a state-of-art Interpretation Centre.
Humayun’s Tomb:
- The Humayun’s Tomb is model of the 18-feet tall structure weighs about 300-kg finialmade of 4 percent pure copper and plated with 3.5 kg of 24-carat gold.
UNESCO Heritages sites in New Delhi.
- Humayun’s Tomb
- QutbMinar New Delhi
- Red Fort Complex.
Culture and Tourism Minister Mahesh Sharma unveiled the restored 18 feet tall Finial at Humayun’s Tomb, New Delhi as part of the ongoing conservation effort.- The Tomb is a UNESCO World Heritage Site one of three in the capital has reinstated with a gold crown.
Heritage restoration:- For the past two year’s workers in traditional techniques and in traditional manners that have stayed alive in India for centuries to create an authentic replica of the Humayun’s Tomb kalash for this UNESCO World Heritage Site.
- The Humayun’s Tomb conservation carried out by the Aga Khan Trust for Culture and the Archaeological Survey of India with the help of the TATA Trusts that preserved the monument for posterity.
- In 2014, the Ministry of Culture declared Humayun’s Tomb to be one of theAdarshmonumentsand Ministry of Tourism has provided a Rs. 49 Crore to Aga Khan Trust to build a state-of-art Interpretation Centre.
Humayun’s Tomb:- The Humayun’s Tomb is model of the 18-feet tall structure weighs about 300-kg finialmade of 4 percent pure copper and plated with 3.5 kg of 24-carat gold.
UNESCO Heritages sites in New Delhi.- Humayun’s Tomb
- QutbMinar New Delhi
- Red Fort Complex.
No comments:
Post a Comment