General Affairs
Mistake To Create False Sense Of Despondency: PM Modi's Dig At Opposition At India Gate Show
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NEW DELHI: Prime Minister Narendra Modi, in a short speech that wrapped up a six-hour mega celebration of his government's two years in office, on Saturday lacerated the opposition for what he called its "obstructionist agenda" versus the government's "development agenda". He also accused the opposition of creating "a false atmosphere of despondency".
He sought that his government's work in the last two years be compared to that done by the previous Congress-led UPA government's, dismissing the opposition's criticism of him saying, "Those who earlier looted the nation are not enthused by this government...We stopped corruption, of course they criticise me."
The Congress has charged the Modi government with not delivering on promises and suffering dismal failures in its two years in power.
The Prime Minister said his government's performance has been carefully analysed in the last 15 days and "In the process we have got renewed faith and enthusiasm. The blessings of the people are also increasing."
It was important in a democracy to analyse everyone's work, the PM said, adding, "But we can't make a mistake of creating a false atmosphere of despondency."
He highlighted his government's key achievements, leaving the detailing to his ministers who participated in panel discussions on subjects like the economy, infrastructure and education over more than five hours from 5 pm on Saturday at a mega show titled "Ek nayi subah or a new morning", at Delhi's India Gate.
The show, telecast live by the state-run Doordarshan, also featured A-listers from Bollywood speaking on development themes, including superstar Amitabh Bachchan who participated in a segment on the girl child.
"The people of India have placed their faith in us. We've left no stone unturned in our hard work. We dream of Team India," the Prime Minister said, promising that, "This is just the beginning. A new morning."
He sought that his government's work in the last two years be compared to that done by the previous Congress-led UPA government's, dismissing the opposition's criticism of him saying, "Those who earlier looted the nation are not enthused by this government...We stopped corruption, of course they criticise me."
The Congress has charged the Modi government with not delivering on promises and suffering dismal failures in its two years in power.
The Prime Minister said his government's performance has been carefully analysed in the last 15 days and "In the process we have got renewed faith and enthusiasm. The blessings of the people are also increasing."
He highlighted his government's key achievements, leaving the detailing to his ministers who participated in panel discussions on subjects like the economy, infrastructure and education over more than five hours from 5 pm on Saturday at a mega show titled "Ek nayi subah or a new morning", at Delhi's India Gate.
The show, telecast live by the state-run Doordarshan, also featured A-listers from Bollywood speaking on development themes, including superstar Amitabh Bachchan who participated in a segment on the girl child.
"The people of India have placed their faith in us. We've left no stone unturned in our hard work. We dream of Team India," the Prime Minister said, promising that, "This is just the beginning. A new morning."
Finance Minister Arun Jaitley Arrives In Japan To Meet Key Investors
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TOKYO: Finance Minister Arun Jaitley arrived in Tokyo today on a six-day visit during which he will meet Japanese Prime Minister Shinzo Abe as well as several key investors to sell the India growth story.
During his visit, he will meet SoftBank CEO Masayoshi Son to discuss investment opportunities India presents to the Japanese telecom giant. SoftBank has already made a string of tech investments in India and has announced plans for raising it to $10 billion over the next decade.
Mr Jaitley will also meet Osamu Suzuki, Chairman of Suzuki Motor, the biggest Japanese investor in automobile sector in India.
Meeting with Mr Abe is planned for tomorrow when he will also attend the 22nd International Conference on 'The Future of Asia' organised by Nikkei Inc.
On May 31, he would participate in 'The Future of Asia' conference and in the afternoon he will deliver keynote address at the roundtable on National Investment & Infrastructure Fund (NIIF).
The government is looking at attracting investors to the Rs. 40,000-crore NIIF, which is an investment vehicle for funding commercially viable greenfield, brown-field and stalled projects. It will have 49 per cent holding in NIIF and the rest will be of private investors.
In the evening, Mr Jaitley will have meetings with Government Pension Investment Fund (GPIF) president Norihiro Takahashi and Japan Overseas Infrastructure Investment Cooperation for Transport and Urban Development (JOIN) president and CEO Takuma Hatano.
He will also meet CEOs at a meeting organised by the Japan-India Business Cooperation Committee next day and address the Institute For International Economic Studies (IIES) Symposium on Indian economy.
Besides, meetings with Japan International Cooperation Agency (JICA) president Shinichi Kitaoka and Hitachi chairman Hiroaki Nakanishi are also planned.
Mr Jaitley will leave for Osaka on June 1 evening and the next day deliver a Lecture on 'India: Political, Social and Economic Change' at Osaka University.
Later in the evening, the minister will participate and address the Make in India Investment Promotion Seminar and meet select Japanese CEOs and CII delegation.
The CII CEO delegation includes senior industry leaders like Naushad Forbes, President, CII and Co-Chairman, Forbes Marshall Pvt Ltd, Punj Llyod Chairman Atul Punj, Bharat Forge executive director Amit B Kalyani, DCM Chairman and Managing Director Ajay S Shriram and Wipro's Japan head Naohide Takatani.
On June 3, Mr Jaitley will return to Tokyo for more meetings including with officials of Sumitomo Mitsui Banking Corp and Eastspring Investments.
During his visit, he will meet SoftBank CEO Masayoshi Son to discuss investment opportunities India presents to the Japanese telecom giant. SoftBank has already made a string of tech investments in India and has announced plans for raising it to $10 billion over the next decade.
Mr Jaitley will also meet Osamu Suzuki, Chairman of Suzuki Motor, the biggest Japanese investor in automobile sector in India.
Meeting with Mr Abe is planned for tomorrow when he will also attend the 22nd International Conference on 'The Future of Asia' organised by Nikkei Inc.
On May 31, he would participate in 'The Future of Asia' conference and in the afternoon he will deliver keynote address at the roundtable on National Investment & Infrastructure Fund (NIIF).
The government is looking at attracting investors to the Rs. 40,000-crore NIIF, which is an investment vehicle for funding commercially viable greenfield, brown-field and stalled projects. It will have 49 per cent holding in NIIF and the rest will be of private investors.
In the evening, Mr Jaitley will have meetings with Government Pension Investment Fund (GPIF) president Norihiro Takahashi and Japan Overseas Infrastructure Investment Cooperation for Transport and Urban Development (JOIN) president and CEO Takuma Hatano.
He will also meet CEOs at a meeting organised by the Japan-India Business Cooperation Committee next day and address the Institute For International Economic Studies (IIES) Symposium on Indian economy.
Besides, meetings with Japan International Cooperation Agency (JICA) president Shinichi Kitaoka and Hitachi chairman Hiroaki Nakanishi are also planned.
Mr Jaitley will leave for Osaka on June 1 evening and the next day deliver a Lecture on 'India: Political, Social and Economic Change' at Osaka University.
Later in the evening, the minister will participate and address the Make in India Investment Promotion Seminar and meet select Japanese CEOs and CII delegation.
The CII CEO delegation includes senior industry leaders like Naushad Forbes, President, CII and Co-Chairman, Forbes Marshall Pvt Ltd, Punj Llyod Chairman Atul Punj, Bharat Forge executive director Amit B Kalyani, DCM Chairman and Managing Director Ajay S Shriram and Wipro's Japan head Naohide Takatani.
On June 3, Mr Jaitley will return to Tokyo for more meetings including with officials of Sumitomo Mitsui Banking Corp and Eastspring Investments.
What's To Celebrate? Rahul Gandhi Asks PM Modi, Leads Protest March To Rajghat
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NEW DELHI: Not long before Prime Minister Narendra Modi was scheduled to arrive at Delhi's India Gate, where his government is celebrating two years in office at a mega show, Congress vice president Rahul Gandhi set out in an open truck, leading a procession of party workers.
Hundreds of Congress workers marched as dusk turned to night, holding up hurricane lamps to protest against what they called the "failure of the Modi government and the state government of Arvind Kejriwal" to provide adequate water and electricity to the people of Delhi.
"Modiji & Kejriwalji think they can fool people every time. But false promises cannot take this country forward, only hard work can... I indulge in politics based on Mahatma Gandhi's ideology, I can never indulge in politics of lies and false promises," Mr Gandhi said.
The Congress leader also said, "Our party is not a public relations party; we are not like the Aam Aadmi Party and Modi, spending crores of rupees."
The "Mashaal jaloos" or "lamp procession" was organised by the Delhi Congress from the national capital's famous Red Fort to Rajghat, the memorial to Mahatma Gandhi, a few km away from where the Modi government's five-hour celebration took place on Saturday evening.
Mr Gandhi criticised the celebrations saying, "There is drought and suicides and here at India Gate they are celebrating. There is a drought all over the country. Farmers are committing suicide, but here at India Gate Modiji is celebrating with Bollywood stars."
At India Gate, top ministers have showcased the government's achievements in the last two years, accusing the previous Congress-led UPA government of a policy paralysis that caused the country's economic and infrastructural growth to lag.
"The UPA's policy paralysis has been replaced by speedy decision-making," said Transport Minister Nitin Gadkari.
Hundreds of Congress workers marched as dusk turned to night, holding up hurricane lamps to protest against what they called the "failure of the Modi government and the state government of Arvind Kejriwal" to provide adequate water and electricity to the people of Delhi.
"Modiji & Kejriwalji think they can fool people every time. But false promises cannot take this country forward, only hard work can... I indulge in politics based on Mahatma Gandhi's ideology, I can never indulge in politics of lies and false promises," Mr Gandhi said.
The Congress leader also said, "Our party is not a public relations party; we are not like the Aam Aadmi Party and Modi, spending crores of rupees."
The "Mashaal jaloos" or "lamp procession" was organised by the Delhi Congress from the national capital's famous Red Fort to Rajghat, the memorial to Mahatma Gandhi, a few km away from where the Modi government's five-hour celebration took place on Saturday evening.
Mr Gandhi criticised the celebrations saying, "There is drought and suicides and here at India Gate they are celebrating. There is a drought all over the country. Farmers are committing suicide, but here at India Gate Modiji is celebrating with Bollywood stars."
At India Gate, top ministers have showcased the government's achievements in the last two years, accusing the previous Congress-led UPA government of a policy paralysis that caused the country's economic and infrastructural growth to lag.
"The UPA's policy paralysis has been replaced by speedy decision-making," said Transport Minister Nitin Gadkari.
Attacks On Africans A Serious Issue: Sitaram Yechury
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NEW DELHI: Criticising the central government over attacks on African nationals in India, CPI-M leader Sitaram Yechury on Saturday said that such attacks were a serious issue with international repercussions.
"Attacks on Africans in Delhi is a serious issue with international repercussions. The BJP government can't wish them away," Mr Yechury said in a tweet.
Mr Yechury's comments come after a 23-year-old Nigerian student was allegedly beaten by a local over a parking dispute in Hyderabad.
The incident comes days after a 23-year-old Congolese national was beaten to death in south Delhi's Vasant Kunj area over a minor dispute.
The incidents of attacks has angered African envoys in Delhi who have protested to the Indian government, which has assured protection for the thousands of African students who study in India.
The attack on the Congolese national saw repercussions in Democratic Republic of Congo capital Kinshasa, where Indian shops were attacked and some Indians were injured in apparent retaliation earlier this week.
"Attacks on Africans in Delhi is a serious issue with international repercussions. The BJP government can't wish them away," Mr Yechury said in a tweet.
Mr Yechury's comments come after a 23-year-old Nigerian student was allegedly beaten by a local over a parking dispute in Hyderabad.
The incident comes days after a 23-year-old Congolese national was beaten to death in south Delhi's Vasant Kunj area over a minor dispute.
The incidents of attacks has angered African envoys in Delhi who have protested to the Indian government, which has assured protection for the thousands of African students who study in India.
The attack on the Congolese national saw repercussions in Democratic Republic of Congo capital Kinshasa, where Indian shops were attacked and some Indians were injured in apparent retaliation earlier this week.
Have Changed Perception Of Modi Government Being Anti-Minority, Says Najma Heptulla
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NEW DELHI: Union Minister Najma Heptulla on Saturday claimed her Minority Affairs Ministry has succeeded in changing the "intentionally created" perception that the Modi government would be anti-minority by launching various schemes for the upliftment of the communities in its two-year rule.
"A perception and fear was intentionally created in the minds of the people before Lok Sabha elections that if Modiji comes to power he will eliminate the Minorities Ministry or if manages to exit, its budget will certainly be cut. It was a big challenge for me to take up this ministry in that circumstances. But I accepted it and things changed," the minister said.
She was speaking at an event to showcase the Minority Affairs Ministry's two-years achievements at Vigyan Bhawan.
Talking about new initiatives like 'Nai Manzil', 'Seekho Aur Kamao' 'USTTAD' and 'Hamari Dharohar' taken up by the ministry for the development of minorities, she said after the allocation of 10 per cent more to states, there was continuous increase in the budget allocation and no cut was imposed in the embarked Plan Budget for the ministry.
"We have started a pilot project in our programme 'Nai Manzil' for madarsas and we are happy that today thousands of children are taking training under it. The trainers promise to provide jobs to more than 70 per cent children or we will facilitate cheaper loans to them from NMDFC to start their own occupation," she said.
'Nai Manzil' is a scheme under which girls from minority communities are imparted three month skill development training in seven identified sectors relevant to the region.
Appreciating the programme, Ms Heptulla said World Bank also recognized the importance of development of minorities and agreed to provide loan for the project.
"The World Bank liked the Nai Manzil module and provided us USD 50 million loan while recommending the module to the madarsas of Africa and south east Asia so that they can also introduce skill development in their madarsas," she said.
During the event, a short film showcasing the achievements of the ministry was also screened.
An MoU was also signed between Maulana Azad National Academy for Skills (MANAS), Madhya Pradesh Madarsas Board and former cricketer K Srikanth's organisation, AA EduTech Private Limited for providing leadership and entrepreneurship skills.
She also launched 'Nai Udan' portal and MANAS web portal for geographical information system mapping of training centers of MANAS and their online monitoring and evaluation through real time CCTV cameras.
"A perception and fear was intentionally created in the minds of the people before Lok Sabha elections that if Modiji comes to power he will eliminate the Minorities Ministry or if manages to exit, its budget will certainly be cut. It was a big challenge for me to take up this ministry in that circumstances. But I accepted it and things changed," the minister said.
She was speaking at an event to showcase the Minority Affairs Ministry's two-years achievements at Vigyan Bhawan.
Talking about new initiatives like 'Nai Manzil', 'Seekho Aur Kamao' 'USTTAD' and 'Hamari Dharohar' taken up by the ministry for the development of minorities, she said after the allocation of 10 per cent more to states, there was continuous increase in the budget allocation and no cut was imposed in the embarked Plan Budget for the ministry.
"We have started a pilot project in our programme 'Nai Manzil' for madarsas and we are happy that today thousands of children are taking training under it. The trainers promise to provide jobs to more than 70 per cent children or we will facilitate cheaper loans to them from NMDFC to start their own occupation," she said.
'Nai Manzil' is a scheme under which girls from minority communities are imparted three month skill development training in seven identified sectors relevant to the region.
Appreciating the programme, Ms Heptulla said World Bank also recognized the importance of development of minorities and agreed to provide loan for the project.
"The World Bank liked the Nai Manzil module and provided us USD 50 million loan while recommending the module to the madarsas of Africa and south east Asia so that they can also introduce skill development in their madarsas," she said.
During the event, a short film showcasing the achievements of the ministry was also screened.
An MoU was also signed between Maulana Azad National Academy for Skills (MANAS), Madhya Pradesh Madarsas Board and former cricketer K Srikanth's organisation, AA EduTech Private Limited for providing leadership and entrepreneurship skills.
She also launched 'Nai Udan' portal and MANAS web portal for geographical information system mapping of training centers of MANAS and their online monitoring and evaluation through real time CCTV cameras.
Business Affairs
Tech Mahindra to buy Target Group to strengthen UK BFSI space
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Software services firm Tech Mahindra on Friday said it will acquire UK-based Target Group in around 120 million pound deal to strengthen its presence in the banking and financial services space.
"The 100 per cent acquisition strengthens Tech Mahindra's BFSI practice by access to IP and a platform which helps automate end-to-end processes in the lending, investments and insurance market," Tech Mahindra said in a statement.
The acquisition will allow Tech Mahindra to capture a larger share of the 45-60 billion pound annual spend by UK BFSI companies on software and services, it added.
"The valuation is an enterprise value of GBP 112 million and an adjustment for surplus cash of up to GBP 8 million.
Tech Mahindra will pay an amount of up to 64 million upfront and a 2017 deferred consideration of up to GBP 16.28 million," it said.
Tech Mahindra will also payback an amount of GBP 17.1 million on account of loan notes at closing. In addition, the management is rolling over 7.6 per cent of their equity value into the company (worth GBP 6.8 mn) which will be paid out in 2020 as a second deferred consideration.
As part of the composite deal the Indian firm shall provide a corporate guarantee not exceeding GBP 30 million in relation to the payout in 2020.
"Target Group will remain a standalone entity retaining its existing brand... The entire management team at Target will stay with the business and continue to have full operational responsibility," it said.
The transaction is expected to close in the second quarter of the ongoing fiscal, subject to the receipt of regulatory approvals.
Synergies include expansion of the platform to other global markets, and significant cross-selling opportunities, it said.
"This acquisition will make us a formidable player in the UK BFSI market with over 50 major financial institutions as clients. The acquisition lies at the confluence of several of our strategic priorities add IP, double BFSI revenue and expand European footprint," Tech Mahindra MD and CEO CP Gurnani said.
Target Group's proprietary platform automates complex and critical processing, servicing and administration of loans, investments and insurance.
With clients like Goldman Sachs, Morgan Stanley, Credit Suisse, Shawbrook and Yorkshire Building Society, Target Group had revenues of GBP 51 million in 2015. It has 740 employees.
The acquisition will catapult Tech Mahindra to one of the top three processors in UK financial services for certain complex lending and investment product categories.
Software services firm Tech Mahindra on Friday said it will acquire UK-based Target Group in around 120 million pound deal to strengthen its presence in the banking and financial services space.
"The 100 per cent acquisition strengthens Tech Mahindra's BFSI practice by access to IP and a platform which helps automate end-to-end processes in the lending, investments and insurance market," Tech Mahindra said in a statement.
The acquisition will allow Tech Mahindra to capture a larger share of the 45-60 billion pound annual spend by UK BFSI companies on software and services, it added.
"The valuation is an enterprise value of GBP 112 million and an adjustment for surplus cash of up to GBP 8 million.
Tech Mahindra will pay an amount of up to 64 million upfront and a 2017 deferred consideration of up to GBP 16.28 million," it said.
Tech Mahindra will also payback an amount of GBP 17.1 million on account of loan notes at closing. In addition, the management is rolling over 7.6 per cent of their equity value into the company (worth GBP 6.8 mn) which will be paid out in 2020 as a second deferred consideration.
As part of the composite deal the Indian firm shall provide a corporate guarantee not exceeding GBP 30 million in relation to the payout in 2020.
"Target Group will remain a standalone entity retaining its existing brand... The entire management team at Target will stay with the business and continue to have full operational responsibility," it said.
The transaction is expected to close in the second quarter of the ongoing fiscal, subject to the receipt of regulatory approvals.
Synergies include expansion of the platform to other global markets, and significant cross-selling opportunities, it said.
"This acquisition will make us a formidable player in the UK BFSI market with over 50 major financial institutions as clients. The acquisition lies at the confluence of several of our strategic priorities add IP, double BFSI revenue and expand European footprint," Tech Mahindra MD and CEO CP Gurnani said.
Target Group's proprietary platform automates complex and critical processing, servicing and administration of loans, investments and insurance.
With clients like Goldman Sachs, Morgan Stanley, Credit Suisse, Shawbrook and Yorkshire Building Society, Target Group had revenues of GBP 51 million in 2015. It has 740 employees.
The acquisition will catapult Tech Mahindra to one of the top three processors in UK financial services for certain complex lending and investment product categories.
Politicians must avoid comments on 2nd term for Rajan: Assocham
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As RBI Governor Raghuram Rajan faces heat from some sections of BJP, industry body Assocham today said he has an "impeccable track record" and politicians should restrain from commenting on a second term for him and leave it for Prime Minister Narendra Modi to decide.
The post of the RBI Governor should not be dragged into avoidable controversies unless any serious offence has been committed by an incumbent, Assocham said in a statement.
The central bank, it said, has played a pivotal role in bringing about a macro-economic stability for India, making it the best among the emerging markets.
"Surely, it is the prerogative of the government to appoint and re-appoint a person to the coveted position of the RBI Governor, but the kind of media statements being issued about Rajan by senior politicians do not augur well for the country's financial system, which is passing through a challenging time because of unprecedented levels of stressed assets in the banks," the chamber said.
It said Rajan enjoys "an impeccable track record" as a top-order world economist while he has brought in loads of respect and goodwill to the Indian financial system as the head of the Reserve Bank.
Assocham, the statement further said, "would only urge restraint on the part of senior politicians and others and leave it to the good wisdom and judgement of Prime Minister Narendra Modi so far as the re-appointment of the RBI Governor is concerned".
"Certain amount of dignity must be attached to the post, especially when India is on the verge of a big leap into the economic growth, after two years of dealing with global upheavals and domestic issues like successive droughts," it added.
Rajan has constantly been attacked by BJP MP Subramanian Swamy who yesterday fired a fresh salvo levelling six allegations against him and asked the Prime Minister to immediately terminate his services.
Accusing Rajan of raising interest rate to the detriment of small and medium industries, Swamy said the Governor should have known the "inevitable consequence of high interest rate and "his policy was wilful and thus anti-national in intent".
Rajan, the BJP leader also said, has been sending confidential and sensitive financial information using unsecured Chicago University email-id and publicly disparaging the BJP government.
The chamber said the current account deficit has been brought down to a record level despite a huge fall in the merchandise exports, though a sharp drop in the import bill did help. As compared to currencies of the other emerging economies, the Indian rupee has performed exceedingly well.
"As far as monetary policy is concerned, to be fair to him Rajan did drop the policy repo rates by about 150 basis points (since January 2015), which the banks have not transmitted it fully," Assocham said.
As RBI Governor Raghuram Rajan faces heat from some sections of BJP, industry body Assocham today said he has an "impeccable track record" and politicians should restrain from commenting on a second term for him and leave it for Prime Minister Narendra Modi to decide.
The post of the RBI Governor should not be dragged into avoidable controversies unless any serious offence has been committed by an incumbent, Assocham said in a statement.
The central bank, it said, has played a pivotal role in bringing about a macro-economic stability for India, making it the best among the emerging markets.
"Surely, it is the prerogative of the government to appoint and re-appoint a person to the coveted position of the RBI Governor, but the kind of media statements being issued about Rajan by senior politicians do not augur well for the country's financial system, which is passing through a challenging time because of unprecedented levels of stressed assets in the banks," the chamber said.
It said Rajan enjoys "an impeccable track record" as a top-order world economist while he has brought in loads of respect and goodwill to the Indian financial system as the head of the Reserve Bank.
Assocham, the statement further said, "would only urge restraint on the part of senior politicians and others and leave it to the good wisdom and judgement of Prime Minister Narendra Modi so far as the re-appointment of the RBI Governor is concerned".
"Certain amount of dignity must be attached to the post, especially when India is on the verge of a big leap into the economic growth, after two years of dealing with global upheavals and domestic issues like successive droughts," it added.
Rajan has constantly been attacked by BJP MP Subramanian Swamy who yesterday fired a fresh salvo levelling six allegations against him and asked the Prime Minister to immediately terminate his services.
Accusing Rajan of raising interest rate to the detriment of small and medium industries, Swamy said the Governor should have known the "inevitable consequence of high interest rate and "his policy was wilful and thus anti-national in intent".
Rajan, the BJP leader also said, has been sending confidential and sensitive financial information using unsecured Chicago University email-id and publicly disparaging the BJP government.
The chamber said the current account deficit has been brought down to a record level despite a huge fall in the merchandise exports, though a sharp drop in the import bill did help. As compared to currencies of the other emerging economies, the Indian rupee has performed exceedingly well.
"As far as monetary policy is concerned, to be fair to him Rajan did drop the policy repo rates by about 150 basis points (since January 2015), which the banks have not transmitted it fully," Assocham said.
Reliance Power Q4 net profit rises 16%
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Reliance Power on Friday reported a 15.8 per cent rise in consolidated net profit at Rs 320.16 crore for the fourth quarter ended March 31, 2015-16 on the back of higher power generation.
It had posted net profit of Rs 276.47 crore in the January-March quarter of 2014-15, Reliance Group company said in a filing to BSE. Its income from operations of company during the quarter increased to Rs 2,604.85 crore, as against Rs 1,635.61 crore in the year-ago period.
The Anil Ambani group firm posted a net profit after taxes, minority interest and share of profit of associates of Rs 1,361.94 crore for the entire 2015-16 fiscal as compared to Rs 1,028.32 crore for the year ended March 31, 2015. Total income increased from Rs 7,202 crore for the year ended March 31, 2015 to Rs 11,038.50 crore for the year ended March 31, 2016.
In a press statement, R-Power said the 3,960 MW Sasan UMPP in Madhya Pradesh generated 31,261 million units operating at availability of 90 per cent. The captive coal mines of Sasan UMPP produced 17.02 million tonnes of coal. The company said its 1,200 MW Rosa power plant in Uttar Pradesh generated 7,060 million units operating at availability of 93 per cent.
"The 600 MW Butibori Power Plant in Maharashtra generated 4,022 million units operating at availability of 97%," the statement said. The 40 MW Dhursar solar PV plant in Rajasthan generated 68 million units operating at availability of 99 per cent and 45 MW wind capacity in Vashpet, Maharashtra, generated 79.3 million units operating at availability of 97 per cent, it said.
The 100 MW Concentrated Solar Power project in Dhursar, Rajasthan, achieved peak load of 111 MW during the year. Reliance Power Ltd has the largest portfolio of power projects in the private sector based on coal, gas, hydro and renewable energy, with 5,945 MW in operation. The company stock closed at Rs 52.15 a piece, up 7.30 per cent, on BSE.
Reliance Power on Friday reported a 15.8 per cent rise in consolidated net profit at Rs 320.16 crore for the fourth quarter ended March 31, 2015-16 on the back of higher power generation.
It had posted net profit of Rs 276.47 crore in the January-March quarter of 2014-15, Reliance Group company said in a filing to BSE. Its income from operations of company during the quarter increased to Rs 2,604.85 crore, as against Rs 1,635.61 crore in the year-ago period.
The Anil Ambani group firm posted a net profit after taxes, minority interest and share of profit of associates of Rs 1,361.94 crore for the entire 2015-16 fiscal as compared to Rs 1,028.32 crore for the year ended March 31, 2015. Total income increased from Rs 7,202 crore for the year ended March 31, 2015 to Rs 11,038.50 crore for the year ended March 31, 2016.
In a press statement, R-Power said the 3,960 MW Sasan UMPP in Madhya Pradesh generated 31,261 million units operating at availability of 90 per cent. The captive coal mines of Sasan UMPP produced 17.02 million tonnes of coal. The company said its 1,200 MW Rosa power plant in Uttar Pradesh generated 7,060 million units operating at availability of 93 per cent.
"The 600 MW Butibori Power Plant in Maharashtra generated 4,022 million units operating at availability of 97%," the statement said. The 40 MW Dhursar solar PV plant in Rajasthan generated 68 million units operating at availability of 99 per cent and 45 MW wind capacity in Vashpet, Maharashtra, generated 79.3 million units operating at availability of 97 per cent, it said.
The 100 MW Concentrated Solar Power project in Dhursar, Rajasthan, achieved peak load of 111 MW during the year. Reliance Power Ltd has the largest portfolio of power projects in the private sector based on coal, gas, hydro and renewable energy, with 5,945 MW in operation. The company stock closed at Rs 52.15 a piece, up 7.30 per cent, on BSE.
Novartis stock closes 12.45% lower on Q4 earnings
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Shares of drug firm Novartis India on Friday slumped 12.45 per cent on disappointment over the company's earnings for the quarter ended March 2016. The stock tumbled to Rs 724 on BSE.
Novartis India on Thursday reported a standalone net profit of Rs 21.5 crore for the March quarter. It had posted a net profit of Rs 51.9 crore in the same period a year ago.
"The figures for the year ended March 31, 2016 are not comparable to those of the previous year ended March 31, 2015 on account of sale of OTC and animal health divisions," Novartis India said in a BSE filing.
The company's standalone total income from operations stood at Rs 167.3 crore for the quarter under review as against Rs 207.6 crore in the same period of the previous fiscal. The board also approved a buyback proposal for up to 38.2 lakh shares of Rs 5 each from all existing shareholders at Rs 760 per share, aggregating at Rs 290.3 crore.
Shares of drug firm Novartis India on Friday slumped 12.45 per cent on disappointment over the company's earnings for the quarter ended March 2016. The stock tumbled to Rs 724 on BSE.
Novartis India on Thursday reported a standalone net profit of Rs 21.5 crore for the March quarter. It had posted a net profit of Rs 51.9 crore in the same period a year ago.
"The figures for the year ended March 31, 2016 are not comparable to those of the previous year ended March 31, 2015 on account of sale of OTC and animal health divisions," Novartis India said in a BSE filing.
The company's standalone total income from operations stood at Rs 167.3 crore for the quarter under review as against Rs 207.6 crore in the same period of the previous fiscal. The board also approved a buyback proposal for up to 38.2 lakh shares of Rs 5 each from all existing shareholders at Rs 760 per share, aggregating at Rs 290.3 crore.
HPCL net profit falls 28% to Rs 1,553 crore
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State-run Hindustan Petroleum Corporation Ltd (HPCL) on Friday reported a 28 per cent drop in its March quarter net profit on provisioning for rise in rentals and foreign exchange losses.
The company also announced investing Rs 26,000 crore in expanding its Mumbai and Vizag refineries. Net profit of Rs 1,552.94 crore in January-March 2016 was 28.18 per cent lower than Rs 2,162.39 crore in the same period a year ago. The profit was lower as the company provisioned Rs 215 crore for rise in lease rental by the Delhi government, HPCL Chairman and Managing Director M K Surana said.
Also, there was a foreign exchange loss of Rs 203 crore in the quarter. Another Rs 81 crore was set aside as provisions towards arbitration on cost of LPG cylinders, he said.
Crude oil processing was higher at 4.7 million tonnes from 4.45 million tonnes in the previous year. Fuel sales also soared to 9.05 million tonnes from 8.19 million tonnes in the fourth quarter of 2014-15 fiscal. Surana said HPCL will invest Rs 18,000 crore in raising Vizag refinery capacity from 8.33 million tonnes to 15 million tonnes.
It will invest another Rs 8,200 crore in raising Mumbai refinery capacity to 9.5 million tonnes from current 6.5 million tonnes. "Expansion will be synchronised with the roll out of BS-VI fuel in the country from 2020," he said. Also, HPCL is raising capacity of its joint venture Bhatinda refinery from 9 million tonnes to 11.25 million tonnes by February/March 2017, he said. For 2016-17, HPCL has planned a capex of Rs 6,300 crore.
State-run Hindustan Petroleum Corporation Ltd (HPCL) on Friday reported a 28 per cent drop in its March quarter net profit on provisioning for rise in rentals and foreign exchange losses.
The company also announced investing Rs 26,000 crore in expanding its Mumbai and Vizag refineries. Net profit of Rs 1,552.94 crore in January-March 2016 was 28.18 per cent lower than Rs 2,162.39 crore in the same period a year ago. The profit was lower as the company provisioned Rs 215 crore for rise in lease rental by the Delhi government, HPCL Chairman and Managing Director M K Surana said.
Also, there was a foreign exchange loss of Rs 203 crore in the quarter. Another Rs 81 crore was set aside as provisions towards arbitration on cost of LPG cylinders, he said.
Crude oil processing was higher at 4.7 million tonnes from 4.45 million tonnes in the previous year. Fuel sales also soared to 9.05 million tonnes from 8.19 million tonnes in the fourth quarter of 2014-15 fiscal. Surana said HPCL will invest Rs 18,000 crore in raising Vizag refinery capacity from 8.33 million tonnes to 15 million tonnes.
It will invest another Rs 8,200 crore in raising Mumbai refinery capacity to 9.5 million tonnes from current 6.5 million tonnes. "Expansion will be synchronised with the roll out of BS-VI fuel in the country from 2020," he said. Also, HPCL is raising capacity of its joint venture Bhatinda refinery from 9 million tonnes to 11.25 million tonnes by February/March 2017, he said. For 2016-17, HPCL has planned a capex of Rs 6,300 crore.
General Awareness
President Pranab Mukherjee visited China from May 24 – 27
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Indian President Pranab Mukherjee visited Chinafrom May 24 to 27 to hold negotiation with Top Chinese leadership and announced first trip to China by an Indian Head of state in Six Years
- Arrived in Beijing on May 25 and attended the reception hosted by the Chinese People’s Friendship Association for Foreign Countries (CPAFFC).
Invited by: Chinese President Xi Jinping
President maiden visit to china after his predecessor Pratibha Patil in 2010, after six years Prez made his first visit in Chinese City Guangzhou
India, China agree to advance ongoing boundary negotiations
Venue: Beijing
Delegates: President Xi Jinping, Prime Minister Li Keqiang and National Peoples’ Congress chairman Zhang Dejiang
Purpose:
- Emphasise the relationship forward by expanding areas of Convergence and Managing areas of difference
- To expand India’s Civilian nuclear programme
- Xiao Qian, Director-General of Asian region in China’s ministry of foreign affairs, agreed to strengthen cooperation in the peaceful uses of nuclear energy
Delegation of Chinese president and Pointes discussed
- Discussed the ways to strengthen cooperation in “investment, trade and tourism”
- Promoting“practical cooperation” in areas such as railways, industrial zones, new energy and even possibilities in space cooperation
- Showed interest in the flagship schemes such as Digital India and Make in India and in investment in the Smart Cities project
- China to accommodate more Indian tourists (seven batches this year) to visitKailashMansarovar via the Nathu La pass into Tibet
- Agreed to advance the ongoing boundary negotiations under the special representatives mechanism
- To take actions to maintain peace and tranquillity in the boundary regions
- To eliminate International and Cross border terrorism under UN and BRICS frameworks
Thanked China for its support for India’s annexation in the Shanghai Cooperation Organisation
Visit:
Addressed students and teachers at Beijing’s Peking University
Indian President Pranab Mukherjee visited Chinafrom May 24 to 27 to hold negotiation with Top Chinese leadership and announced first trip to China by an Indian Head of state in Six Years- Arrived in Beijing on May 25 and attended the reception hosted by the Chinese People’s Friendship Association for Foreign Countries (CPAFFC).
Invited by: Chinese President Xi Jinping
President maiden visit to china after his predecessor Pratibha Patil in 2010, after six years Prez made his first visit in Chinese City GuangzhouIndia, China agree to advance ongoing boundary negotiationsVenue: BeijingDelegates: President Xi Jinping, Prime Minister Li Keqiang and National Peoples’ Congress chairman Zhang DejiangPurpose:- Emphasise the relationship forward by expanding areas of Convergence and Managing areas of difference
- To expand India’s Civilian nuclear programme
- Xiao Qian, Director-General of Asian region in China’s ministry of foreign affairs, agreed to strengthen cooperation in the peaceful uses of nuclear energy
Delegation of Chinese president and Pointes discussed- Discussed the ways to strengthen cooperation in “investment, trade and tourism”
- Promoting“practical cooperation” in areas such as railways, industrial zones, new energy and even possibilities in space cooperation
- Showed interest in the flagship schemes such as Digital India and Make in India and in investment in the Smart Cities project
- China to accommodate more Indian tourists (seven batches this year) to visitKailashMansarovar via the Nathu La pass into Tibet
- Agreed to advance the ongoing boundary negotiations under the special representatives mechanism
- To take actions to maintain peace and tranquillity in the boundary regions
- To eliminate International and Cross border terrorism under UN and BRICS frameworks
Thanked China for its support for India’s annexation in the Shanghai Cooperation OrganisationVisit:Addressed students and teachers at Beijing’s Peking University
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