General Affairs
Bangladesh Investigating Zakir Naik's Islamist Links: Minister
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DHAKA: Bangladesh government today said it was investigating the Islamist links of India-based controversial preacher Zakir Naik and examining the possibilities of banning his "provocative" speeches in the wake of two brutal terrorist attacks in the country within a week in which 25 people died.
Home Minister Asaduzzaman Khan said that Bangladesh's intelligence agencies were investigating the Islamic preacher.
"He is on our security scanner... Our intelligence agencies are investigating his activities as his lectures appeared provocative," Mr Khan said.
Mr Khan said the investigators were also probing Dr Naik's financial transactions in Bangladesh. He, however, added that the government was yet to decide on banning the broadcast of his 'Peace TV Bangla.'
But Information Minister Hasanul Haq Inu said the government was examining the possibilities of banning Dr Naik's 'Peace TV Bangla' in view of his controversial speeches.
"Give us some more time for taking a decision in this regard...but I can tell you we have been receiving complaints about the provocative contents of his speeches," Mr Inu said.
The comments by the two senior ministers came as Bangladesh's private TV cable operators said they await a government directive on the broadcast of Dr Naik's television channel.
"In the past, I myself used to watch the channel but after the Gulshan incident, I realised that many people do not view the channel the way I do it," Cable TV Owners' Association President Mir Hossain Akhtar told a Bangladeshi news agency.
He added: "We want to stop airing the channel across the country.
But in the absence of any government notification in this regard, it is not possible at this moment."
The channel also airs broadcast in Bangla targeting the Bangladeshi audience.
Dr Naik, whose speeches are aired on 'Peace TV' run by his Mumbai-based Islamic Research Foundation, is a controversial Islamic preacher and his preachings were reported to have inspired some of the Dhaka attackers.
Britain and Canada have banned Dr Naik from visiting the two countries several years ago while Malaysia banned his lectures fearing that they could instigate inter-racial tensions.
Experts said Dr Naik could not be accused of openly inciting terror but his preaching were a heady mix of ingredients which could abet radicalisation of the extreme kinds.
One of the slain attackers of the terrorist attack in Dhaka's high-security Gulshan area on July 1, the 22-year-old Rohan Imtiaz quoted Zakir Naik in a Facebook post in January this year where he urged "all Muslims to be terrorists."
Twenty-two people, including 17 foreigners, were killed in the brutal late-night attack. Six days later, terrorist attacked police guarding the largest Eid gathering in Bangladesh and killed three more people.
Home Minister Asaduzzaman Khan said that Bangladesh's intelligence agencies were investigating the Islamic preacher.
"He is on our security scanner... Our intelligence agencies are investigating his activities as his lectures appeared provocative," Mr Khan said.
Mr Khan said the investigators were also probing Dr Naik's financial transactions in Bangladesh. He, however, added that the government was yet to decide on banning the broadcast of his 'Peace TV Bangla.'
But Information Minister Hasanul Haq Inu said the government was examining the possibilities of banning Dr Naik's 'Peace TV Bangla' in view of his controversial speeches.
"Give us some more time for taking a decision in this regard...but I can tell you we have been receiving complaints about the provocative contents of his speeches," Mr Inu said.
The comments by the two senior ministers came as Bangladesh's private TV cable operators said they await a government directive on the broadcast of Dr Naik's television channel.
"In the past, I myself used to watch the channel but after the Gulshan incident, I realised that many people do not view the channel the way I do it," Cable TV Owners' Association President Mir Hossain Akhtar told a Bangladeshi news agency.
He added: "We want to stop airing the channel across the country.
But in the absence of any government notification in this regard, it is not possible at this moment."
The channel also airs broadcast in Bangla targeting the Bangladeshi audience.
Dr Naik, whose speeches are aired on 'Peace TV' run by his Mumbai-based Islamic Research Foundation, is a controversial Islamic preacher and his preachings were reported to have inspired some of the Dhaka attackers.
Britain and Canada have banned Dr Naik from visiting the two countries several years ago while Malaysia banned his lectures fearing that they could instigate inter-racial tensions.
Experts said Dr Naik could not be accused of openly inciting terror but his preaching were a heady mix of ingredients which could abet radicalisation of the extreme kinds.
One of the slain attackers of the terrorist attack in Dhaka's high-security Gulshan area on July 1, the 22-year-old Rohan Imtiaz quoted Zakir Naik in a Facebook post in January this year where he urged "all Muslims to be terrorists."
Twenty-two people, including 17 foreigners, were killed in the brutal late-night attack. Six days later, terrorist attacked police guarding the largest Eid gathering in Bangladesh and killed three more people.
With Visit To Somnath Temple, Arvind Kejriwal Starts Gujarat Poll Campaign
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RAJKOT: Delhi chief minister Arvind Kejriwal today flagged off the Aam Aadmi Party's campaign for the 2017 Gujarat elections after arriving in Prime Minister Narendra Modi's home state for a day-long visit.
Mr Kejriwal, who landed in Rajkot this morning with his family and party leader Kumar Vishwas, first paid a visit to the famous Lord Shiva temple in Somnath before launching the campaign with an attack on Gujarat Chief Minister Anandiben Patel.
"My original programme of Gujarat was of two days. Today we were to visit Somnath, and tomorrow we had meeting in Surat. But Anandibenji put undue pressure on people in and businessmen in Surat and got our programme cancelled," he said.
Mr Kejriwal also evoked Hardik Patel, saying that although the Patel quota agitation leader was locked up in jail over a sedition case, no such case has been registered against former Maharashtra minister Eknath Khadse who faces allegations including of irregularities in a land deal and receiving calls on his mobile from a landline number of fugitive underworld don Dawood Ibrahim.
Mr Kejriwal's visit is seen as an attempt to give a push to the his local party organization and carve out a space for a third front in the state which so far has remained a two-party battlefield.
"In democracy, everybody has the right to express their views. Ours is a democracy," the AAP chief said.
During the tour, Mr Kejriwal also visited villages of Junagadh, Gir-Somnath and Rajkot district to meet farmers, making a pitch that they would be treated far better than under BJP rule.
Mr Kejriwal's scheduled visit to Surat on July 10 had to be cancelled after a trade body withdrew its invitation, which AAP alleged was at the behest of state BJP government.
Mr Kejriwal, who landed in Rajkot this morning with his family and party leader Kumar Vishwas, first paid a visit to the famous Lord Shiva temple in Somnath before launching the campaign with an attack on Gujarat Chief Minister Anandiben Patel.
Mr Kejriwal also evoked Hardik Patel, saying that although the Patel quota agitation leader was locked up in jail over a sedition case, no such case has been registered against former Maharashtra minister Eknath Khadse who faces allegations including of irregularities in a land deal and receiving calls on his mobile from a landline number of fugitive underworld don Dawood Ibrahim.
Mr Kejriwal's visit is seen as an attempt to give a push to the his local party organization and carve out a space for a third front in the state which so far has remained a two-party battlefield.
"In democracy, everybody has the right to express their views. Ours is a democracy," the AAP chief said.
During the tour, Mr Kejriwal also visited villages of Junagadh, Gir-Somnath and Rajkot district to meet farmers, making a pitch that they would be treated far better than under BJP rule.
Mr Kejriwal's scheduled visit to Surat on July 10 had to be cancelled after a trade body withdrew its invitation, which AAP alleged was at the behest of state BJP government.
Dhaka Cafe Attack Survivor Dies After Alleged Torture By Security Forces
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DHAKA, BANGLADESH: A Bangladeshi teenager who police say was a suspect in last week's deadly attack on a Dhaka cafe has died in custody, with his family insisting he was a hostage and alleging torture by security forces.
Zakir Hossain Shawon, 18, a kitchen assistant at the Holey Artisan Bakery, was arrested after last week's deadly siege by terrorists in which 22 people, including 18 foreigners, died.
Police killed five attackers and arrested Shawon together with another man over "suspicious activities", treating him as a suspect -- a claim vehemently rejected by his family, who claim he was taken hostage like other victims.
He died in the intensive care unit of Dhaka Medical College Hospital late Friday after five days in the clinic, police and his family said.
Shawon's father Abdus Sattar demanded an investigation into his death, saying his "innocent son and the main breadwinner of his family" died due to torture.
"His whole body had marks of torture. There were marks of curdled blood in many places. One of his eyes and two knees were blackened. His wrists were blackened. It seems he was hanged by ropes tied to his wrists," Sattar told AFP.
Nur Khan Liton, the head of Ain o Salish Kendra, a leading human rights group, said there were doubts about Shawon's involvement in the attack, which was claimed by the Islamic State group.
"ISIS has named five attackers and police have identified all five. And he was not among the five," he said.
"If he was treated as an associate or helper of the attacker, police must present evidence or information."
Police and military representatives denied that Shawon had been tortured in custody.
"He was held because of suspicious activities. We did not have any opportunity to interrogate him since he was injured and hospitalised," Dhaka police spokesman Masudur Rahman told AFP.
The teenager's father said he spoke with his son hours before the July 1 carnage when Shawon called to say he had received a bonus payment for Eid al-Fitr, the largest Muslim festival.
He had planned to travel home to celebrate the occasion with the family in Dhaka's suburb.
Instead his family saw him in hospital.
"He could not recognize me or his mother and thought we were his brother," the father said.
"He would cry out in his sleep, pleading with someone, "Please don't hit me. Let me go," he added.
Zakir Hossain Shawon, 18, a kitchen assistant at the Holey Artisan Bakery, was arrested after last week's deadly siege by terrorists in which 22 people, including 18 foreigners, died.
Police killed five attackers and arrested Shawon together with another man over "suspicious activities", treating him as a suspect -- a claim vehemently rejected by his family, who claim he was taken hostage like other victims.
He died in the intensive care unit of Dhaka Medical College Hospital late Friday after five days in the clinic, police and his family said.
"His whole body had marks of torture. There were marks of curdled blood in many places. One of his eyes and two knees were blackened. His wrists were blackened. It seems he was hanged by ropes tied to his wrists," Sattar told AFP.
Nur Khan Liton, the head of Ain o Salish Kendra, a leading human rights group, said there were doubts about Shawon's involvement in the attack, which was claimed by the Islamic State group.
"ISIS has named five attackers and police have identified all five. And he was not among the five," he said.
"If he was treated as an associate or helper of the attacker, police must present evidence or information."
Police and military representatives denied that Shawon had been tortured in custody.
"He was held because of suspicious activities. We did not have any opportunity to interrogate him since he was injured and hospitalised," Dhaka police spokesman Masudur Rahman told AFP.
The teenager's father said he spoke with his son hours before the July 1 carnage when Shawon called to say he had received a bonus payment for Eid al-Fitr, the largest Muslim festival.
He had planned to travel home to celebrate the occasion with the family in Dhaka's suburb.
Instead his family saw him in hospital.
"He could not recognize me or his mother and thought we were his brother," the father said.
"He would cry out in his sleep, pleading with someone, "Please don't hit me. Let me go," he added.
Nitin Gadkari Visits US To Attract Foreign Investment In Infrastructure Sector
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WASHINGTON: Union Road Transport and Highways Minister Nitin Gadkari will arrive in Washington tomorrow on a week-long official visit aimed at attracting billions of dollars in Foreign Direct Investment in the crucial infrastructure sector in India and accelerating bilateral cooperation with the US.
On his maiden visit to the US in his capacity as Union Minister, Mr Gadkari is scheduled to crisscross the US from Washington to Los Angeles with in between stops in New York, St Louis and San Francisco.
Mr Gadkari will hold bilateral talks with US Secretary of Transportation Anthony Foxx on July 11 which is aimed at strengthening and expanding India's relations with the US by enhancing bilateral cooperation in infrastructure sector, officials said.
At the US department of Transportation, Mr Gadkari will witness Modal Presentations by Federal Highway Administration, US Maritime administration and National Highway Traffic Safety administration.
His itinerary in Washington includes a talk on 'A window into India's Infrastructure Development' organised by Atlantic Council, a Washington-based think tank.
The delegation accompanying Mr Gadkari will give presentations on port-led development, inland waterways development and highway infrastructure, logistics at a luncheon roundtable with investors and infrastructure companies arranged by the US-India Business Council.
"Gadkari will be particularly looking for widening and deepening the scope of Indo-US cooperation in innovative technologies for improving highway development, road engineering, road safety and development of green fuels in automobile sector and electric vehicles," an official accompanying Mr Gadkari said.
During his interaction with the US captains of trade and industry and pioneers in the maritime sector, Mr Gadkari will highlight investment opportunities in the Indian maritime sector and invite US investments in building ports, port-led industrialisation, coastal economic zones, construction of new berths/terminals in existing ports like JNPT, Mumbai and Kandla Ports, capital and maintenance dredging, mechanisation, hinterland connectivity and evacuation infrastructure, ship building, ship repairing and ship recycling, officials said.
According to officials, Mr Gadkari has envisaged $50-60 billion FDI for infrastructure and another $100 billion towards industrial development for port-led economic growth in the maritime sector and inland waterways, water transport, coastal and cruise shipping, solar and wind energy generation to further boost the country's growth momentum.
During his visit to New York on the second leg of his week-long official trip, Mr Gadkari will visit New York City State Transport Department to understand intelligent transport management, city traffic management and control centre and other technology-based transport solutions.
In New York, he will also have a series of interactions with investors at the meets organised by the Indo-American Chamber of Commerce, JP Morgan, Goldman Sachs and US Indian Business Council among others.
Some of these interactions will be a follow up to the deliberations at the Mumbai summit where a large number of US companies had evinced keen interest in promoting bilateral cooperation in Maritime sector, officials said.
More than 150 projects were identified under the ambitious Sagarmala Programme at the recent Maritime India summit in Mumbai.
India has 7,500 kilometres-long coastline, 212 ports, 70 coastal districts, one Billion tonne cargo handling currently, 111 waterways and 90 per cent of export-import trade (by volume) handled at ports.
"There is a huge potential for tapping hundreds of islands and lighthouses for tourism," the official said. On Monday, Indian Ambassador to the US Arun K Singh will be hosting a reception in his honour where he is expected to interact with Congressmen and senior US officials and prominent Indian community members.
Mr Gadkari will invite US companies for technology cooperation in road and highway building, road engineering, innovations in automobile sector, road safety and green fuels.
During his two-day stay in New York, the Overseas Friends of BJP will organise a reception in his honour. Mr Gadkari will then visit St Louis to understand Inland Waterways system on the world famous Mississippi river by undertaking a boat trip.
On the next leg of his visit to San Francisco, Mr Gadkari will have talks with senior officials from the California Transportation Agency and departments of International Affairs and business development. He will also visit manufacturer of quality electric cars Tesla and hold a meeting with investors and interact with TiE Charter members over dinner.
Mr Gadkari will visit Oracle and Bloom Energy and later attend a community reception organised by the Overseas Friends of BJP.
On his maiden visit to the US in his capacity as Union Minister, Mr Gadkari is scheduled to crisscross the US from Washington to Los Angeles with in between stops in New York, St Louis and San Francisco.
Mr Gadkari will hold bilateral talks with US Secretary of Transportation Anthony Foxx on July 11 which is aimed at strengthening and expanding India's relations with the US by enhancing bilateral cooperation in infrastructure sector, officials said.
At the US department of Transportation, Mr Gadkari will witness Modal Presentations by Federal Highway Administration, US Maritime administration and National Highway Traffic Safety administration.
His itinerary in Washington includes a talk on 'A window into India's Infrastructure Development' organised by Atlantic Council, a Washington-based think tank.
The delegation accompanying Mr Gadkari will give presentations on port-led development, inland waterways development and highway infrastructure, logistics at a luncheon roundtable with investors and infrastructure companies arranged by the US-India Business Council.
"Gadkari will be particularly looking for widening and deepening the scope of Indo-US cooperation in innovative technologies for improving highway development, road engineering, road safety and development of green fuels in automobile sector and electric vehicles," an official accompanying Mr Gadkari said.
During his interaction with the US captains of trade and industry and pioneers in the maritime sector, Mr Gadkari will highlight investment opportunities in the Indian maritime sector and invite US investments in building ports, port-led industrialisation, coastal economic zones, construction of new berths/terminals in existing ports like JNPT, Mumbai and Kandla Ports, capital and maintenance dredging, mechanisation, hinterland connectivity and evacuation infrastructure, ship building, ship repairing and ship recycling, officials said.
According to officials, Mr Gadkari has envisaged $50-60 billion FDI for infrastructure and another $100 billion towards industrial development for port-led economic growth in the maritime sector and inland waterways, water transport, coastal and cruise shipping, solar and wind energy generation to further boost the country's growth momentum.
During his visit to New York on the second leg of his week-long official trip, Mr Gadkari will visit New York City State Transport Department to understand intelligent transport management, city traffic management and control centre and other technology-based transport solutions.
In New York, he will also have a series of interactions with investors at the meets organised by the Indo-American Chamber of Commerce, JP Morgan, Goldman Sachs and US Indian Business Council among others.
Some of these interactions will be a follow up to the deliberations at the Mumbai summit where a large number of US companies had evinced keen interest in promoting bilateral cooperation in Maritime sector, officials said.
More than 150 projects were identified under the ambitious Sagarmala Programme at the recent Maritime India summit in Mumbai.
India has 7,500 kilometres-long coastline, 212 ports, 70 coastal districts, one Billion tonne cargo handling currently, 111 waterways and 90 per cent of export-import trade (by volume) handled at ports.
"There is a huge potential for tapping hundreds of islands and lighthouses for tourism," the official said. On Monday, Indian Ambassador to the US Arun K Singh will be hosting a reception in his honour where he is expected to interact with Congressmen and senior US officials and prominent Indian community members.
Mr Gadkari will invite US companies for technology cooperation in road and highway building, road engineering, innovations in automobile sector, road safety and green fuels.
During his two-day stay in New York, the Overseas Friends of BJP will organise a reception in his honour. Mr Gadkari will then visit St Louis to understand Inland Waterways system on the world famous Mississippi river by undertaking a boat trip.
On the next leg of his visit to San Francisco, Mr Gadkari will have talks with senior officials from the California Transportation Agency and departments of International Affairs and business development. He will also visit manufacturer of quality electric cars Tesla and hold a meeting with investors and interact with TiE Charter members over dinner.
Mr Gadkari will visit Oracle and Bloom Energy and later attend a community reception organised by the Overseas Friends of BJP.
China-Lanka Ties Have No Effect On Others, Says Chinese Foreign Minister
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COLOMBO: The close relationship between China and Sri Lanka will have no bearing on their ties with other countries, Chinese Foreign Minister Wang Yi said in Colombo today.
Mr Yi is on a three-day official visit to Sri Lanka ahead of President Maithripala Sirisena's China visit later this month.
"There is a consensus between China and Sri Lanka that our cooperation does not target any third country nor will it affect our respective relations with other countries. We stand ready to work more closely with other regional countries for the purpose of achieving common development," Mr Yi said in an obvious reference to India.
In the past, India has expressed some concerns over the $1.5 billion Colombo Port city project which is to be built by China on reclaimed land in the sea.
"No matter what changes in the international situation and domestic agenda our strategic and cooperative partnership will continue to develop," the Chinese foreign minister said.
China intends to make the 21st century maritime Silk Road a priority and help Sri Lanka build itself into a shipping centre in the Indian Ocean, he said.
Sri Lankan Foreign Minister Mangala Samaraweera said the island is looking forward to Chinese enterprise to make contribution towards developing the Lankan economy.
Sri Lanka also expressed hope that the South China Sea dispute would be resolved through "constructive dialogue".
Mr Yi is on a three-day official visit to Sri Lanka ahead of President Maithripala Sirisena's China visit later this month.
"There is a consensus between China and Sri Lanka that our cooperation does not target any third country nor will it affect our respective relations with other countries. We stand ready to work more closely with other regional countries for the purpose of achieving common development," Mr Yi said in an obvious reference to India.
In the past, India has expressed some concerns over the $1.5 billion Colombo Port city project which is to be built by China on reclaimed land in the sea.
"No matter what changes in the international situation and domestic agenda our strategic and cooperative partnership will continue to develop," the Chinese foreign minister said.
China intends to make the 21st century maritime Silk Road a priority and help Sri Lanka build itself into a shipping centre in the Indian Ocean, he said.
Sri Lankan Foreign Minister Mangala Samaraweera said the island is looking forward to Chinese enterprise to make contribution towards developing the Lankan economy.
Sri Lanka also expressed hope that the South China Sea dispute would be resolved through "constructive dialogue".
Business Affairs
Tata Steel pauses sale of UK assets on Brexit uncertainty
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Tata Steel has put the process of selling its major British assets on hold because of the uncertainty caused by the Brexit vote and surrounding pension liabilities and will now also look at forming a joint venture, the company said.
Tata Steel put its British operations up for sale in March, including its Port Talbot plant in southern Wales, threatening thousands of jobs, but an industry source told Reuters on Thursday that the sale had been put on hold.
The firm said on Friday the June 23 referendum, when Britons voted to leave the European Union, and issues around the pension scheme had prompted a rethink.
"The bids have also been reviewed in the light of the uncertainties caused by the UK referendum and the outcome of the UK Government's consultation on the British Steel Pension Scheme," the firm said in a statement.
"Consequently, Tata Steel has now entered into discussions with strategic players in the steel industry, including Thyssenkrupp."
Germany's biggest steelmaker Thyssenkrupp has said it wants to play a role in any consolidation of the European steel market, which is saddled with excess production capacity and a weak demand outlook.
Tata Steel said it will also begin separate processes for the potential sale of its Speciality Steels business and the northern English Hartlepool pipe mills except for its 20-inch Tube Mill.
Liberty House Group, which an industrial source told Reuters on Thursday was to bid for Tata Steel's specialty steels and pipeline tubes business, said on Friday it will continue discussions with Tata about acquiring a number of assets.
There were signs this week that Brexit-induced uncertainty and a sharp fall in sterling would hurt a wide range of companies, with investors warning the economy could tip into recession, hammering consumer and business confidence.
Tata Steel employs some 11,000 people in the UK. Its specialty steel and tubes business together employ some 2,000 people, meaning the fate of another 9,000 steel jobs and thousands more jobs indirectly related to steelmaking is now uncertain.
Tata Steel has put the process of selling its major British assets on hold because of the uncertainty caused by the Brexit vote and surrounding pension liabilities and will now also look at forming a joint venture, the company said.
Tata Steel put its British operations up for sale in March, including its Port Talbot plant in southern Wales, threatening thousands of jobs, but an industry source told Reuters on Thursday that the sale had been put on hold.
The firm said on Friday the June 23 referendum, when Britons voted to leave the European Union, and issues around the pension scheme had prompted a rethink.
"The bids have also been reviewed in the light of the uncertainties caused by the UK referendum and the outcome of the UK Government's consultation on the British Steel Pension Scheme," the firm said in a statement.
"Consequently, Tata Steel has now entered into discussions with strategic players in the steel industry, including Thyssenkrupp."
Germany's biggest steelmaker Thyssenkrupp has said it wants to play a role in any consolidation of the European steel market, which is saddled with excess production capacity and a weak demand outlook.
Tata Steel said it will also begin separate processes for the potential sale of its Speciality Steels business and the northern English Hartlepool pipe mills except for its 20-inch Tube Mill.
Liberty House Group, which an industrial source told Reuters on Thursday was to bid for Tata Steel's specialty steels and pipeline tubes business, said on Friday it will continue discussions with Tata about acquiring a number of assets.
There were signs this week that Brexit-induced uncertainty and a sharp fall in sterling would hurt a wide range of companies, with investors warning the economy could tip into recession, hammering consumer and business confidence.
Tata Steel employs some 11,000 people in the UK. Its specialty steel and tubes business together employ some 2,000 people, meaning the fate of another 9,000 steel jobs and thousands more jobs indirectly related to steelmaking is now uncertain.
L&T Infotech IPO: Anchor investor allotment today, issue opens on Monday; 7 points you must know
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The sixth largest IT exporter L&T Infotech, a subsidiary of Larsen & Toubro, will allot equity shares to anchor investors on Friday followed by an initial public offering (IPO) in the primary market on Monday.
The issue has been offered in a price band of Rs 705-711 per equity share to mop up over Rs 1,200-crore.
As it is an offer for sale where L&T will look to divest about 10.30 per cent of its stake in the company, the proceeds generated will go to parent's coffers.
A discount of Rs 10 per equity share will be offered to retail individual bidders on the offer price.
We have compiled seven points about the company that you must know as you mull over investing in the IPO:
1) Low valuations
At the upper limit of the price band, the stock is available at about 13 times FY16's earnings per share (EPS). This is against a median P/E of 17.6 times for the IT industry. The return on equity (RoE) for FY16 stood at 49.52 per cent, which was highest among peers.
2) Concerns over revenue growth
L&T Infotech's revenues dropped to 13-14 per cent in FY16 from 17-18 per cent growth over the last five years. Sanjay Jalona, CEO & Managing Director of the company, however, attributed the fall to slowdown in the performance of the oil and gas sector because of depressed commodity prices. Otherwise, the revenues would have grown by 17 per cent in FY16, believes Jalona.
3) Client concentration
A major chunk of L&T Infotech's revenues come from top 10 clients. Top 20 companies contribute 68 per cent to its revenues, while it is 38 per cent for the top 5 companies. The company, in its red herring prospectus (RHP), said their revenues could decline if they lose a major client.
4) BFSI accounts for 47% revenue
Banking and Financial services and Insurance (BFSI) verticals contribute about 47 per cent to the company's revenues, which means any slowdown in any of the two verticals could pull down the overall performance.
5) Intense competition
IT sector is thriving on competition. But as the clients' pockets are getting shrunk, it is the cut throat competition that will decide the winners.
"Competition itself could affect pricing, which could reduce the share of business from clients and decrease the overall revenues and profitability of It firms," said the company in RHP.
On the sidelines of a press conference here, Jalona said the company is well prepared to 'meet or beat' the existing industry players in the IT sector.
6) Combination of IT & OT
The company is among the few IT service providers that are part of a diversified business conglomerate. This provides them with the benefit of strong domain experience and understanding of operational technology (OT) while proffering IT solutions. The company terms is 'Business to IT connect'.
7) Edge over peers on Brexit concerns
Europe accounts for 17 per cent to the company's overall revenues. Of that, Nordic markets such as Norway, Finland and Denmark contribute around 11 per cent of the total revenue, while the UK carries mere 2 per cent share in its revenue pie.
Management believes the lower exposure to European Union gives them an edge over its peers at a time when clouds of uncertainty over Britain's exit from EU looms over its competitors.
Jalona, in fact, pointed out that Brexit may turn out to be a blessing in disguise, as trade agreements between the UK and Europe would demand for change in technology solutions, creating more opportunities for the firm.
The sixth largest IT exporter L&T Infotech, a subsidiary of Larsen & Toubro, will allot equity shares to anchor investors on Friday followed by an initial public offering (IPO) in the primary market on Monday.
The issue has been offered in a price band of Rs 705-711 per equity share to mop up over Rs 1,200-crore.
As it is an offer for sale where L&T will look to divest about 10.30 per cent of its stake in the company, the proceeds generated will go to parent's coffers.
A discount of Rs 10 per equity share will be offered to retail individual bidders on the offer price.
A discount of Rs 10 per equity share will be offered to retail individual bidders on the offer price.
We have compiled seven points about the company that you must know as you mull over investing in the IPO:
1) Low valuations
1) Low valuations
At the upper limit of the price band, the stock is available at about 13 times FY16's earnings per share (EPS). This is against a median P/E of 17.6 times for the IT industry. The return on equity (RoE) for FY16 stood at 49.52 per cent, which was highest among peers.
2) Concerns over revenue growth
L&T Infotech's revenues dropped to 13-14 per cent in FY16 from 17-18 per cent growth over the last five years. Sanjay Jalona, CEO & Managing Director of the company, however, attributed the fall to slowdown in the performance of the oil and gas sector because of depressed commodity prices. Otherwise, the revenues would have grown by 17 per cent in FY16, believes Jalona.
3) Client concentration
3) Client concentration
A major chunk of L&T Infotech's revenues come from top 10 clients. Top 20 companies contribute 68 per cent to its revenues, while it is 38 per cent for the top 5 companies. The company, in its red herring prospectus (RHP), said their revenues could decline if they lose a major client.
4) BFSI accounts for 47% revenue
Banking and Financial services and Insurance (BFSI) verticals contribute about 47 per cent to the company's revenues, which means any slowdown in any of the two verticals could pull down the overall performance.
5) Intense competition
IT sector is thriving on competition. But as the clients' pockets are getting shrunk, it is the cut throat competition that will decide the winners.
"Competition itself could affect pricing, which could reduce the share of business from clients and decrease the overall revenues and profitability of It firms," said the company in RHP.
"Competition itself could affect pricing, which could reduce the share of business from clients and decrease the overall revenues and profitability of It firms," said the company in RHP.
On the sidelines of a press conference here, Jalona said the company is well prepared to 'meet or beat' the existing industry players in the IT sector.
6) Combination of IT & OT
The company is among the few IT service providers that are part of a diversified business conglomerate. This provides them with the benefit of strong domain experience and understanding of operational technology (OT) while proffering IT solutions. The company terms is 'Business to IT connect'.
7) Edge over peers on Brexit concerns
Europe accounts for 17 per cent to the company's overall revenues. Of that, Nordic markets such as Norway, Finland and Denmark contribute around 11 per cent of the total revenue, while the UK carries mere 2 per cent share in its revenue pie.
Management believes the lower exposure to European Union gives them an edge over its peers at a time when clouds of uncertainty over Britain's exit from EU looms over its competitors.
Europe accounts for 17 per cent to the company's overall revenues. Of that, Nordic markets such as Norway, Finland and Denmark contribute around 11 per cent of the total revenue, while the UK carries mere 2 per cent share in its revenue pie.
Management believes the lower exposure to European Union gives them an edge over its peers at a time when clouds of uncertainty over Britain's exit from EU looms over its competitors.
Jalona, in fact, pointed out that Brexit may turn out to be a blessing in disguise, as trade agreements between the UK and Europe would demand for change in technology solutions, creating more opportunities for the firm.
United Spirits finds Rs 1,225 cr diversion, holds Vijay Mallya liable
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In fresh troubles for Vijay Mallya, his erstwhile group firm United Spirits disclosed Rs 1,225.3 crore worth fund diversion and improper transactions with entities associated with the beleaguered businessman including Kingfisher Air and his Formula One team.
Making it clear that the settlement reached earlier with Mr Mallya would not cover the latest disclosures that came to light after an 'Additional Inquiry', United Spirits-now controlled by global liquor firm Diageo-said the former Chairman would be liable for claims over the amount.
Mr Mallya, who has been in UK for months while evading arrest warrant in India, had reached a settlement with USL earlier this year under which he was promised an over Rs 500-crore 'sweetheart deal' to exit the company, including as its Director and Chairman.
Several banks have declared him 'wilful defaulter' for failing to pay back loans amounting to thousands of crores.
At a meeting, USL Board discussed findings of the additional inquiry it had ordered to plug gaps found in an initial probe launched in April 2015 that showed improprieties in loans worth Rs 1,337 crore given by USL to the entities linked to its erstwhile promoters, Mallya-led UB Group.
"The additional inquiry prima facie reveals further instances of actual or potential fund diversions amounting to approximately Rs 913.5 crore (using exchange rate as on March 31, 2015) as well as other potentially improper transaction involved USL and its Indian and overseas subsidiaries amounting approximately Rs 311.8 crore," USL said in a BSE filing.
The transactions occurred during the review period covered by the additional inquiry-from October 2010 to July 2014-although certain transactions appear to have been initiated in years prior to the review period, it added. These were the periods when UB Group had control over the company.
"These improper transactions identified in the additional inquiry involved, in most cases, the diversion of fund to overseas and Indian entities that appear to be affiliated or associated with USL's former non-executive Chairman, Dr Vijay Mallya," the USL filing said.
The company said its mutual release agreement with Mr Mallya in February this year under which Diageo agreed to pay him $75 million dollars will not cover matters arising out of the additional inquiry.
While the matter is already being probed by markets regulator Sebi and Corporate Affairs Ministry among others, the latest findings of the internal probe are also being reported to the concerned regulators for any further action.
"The USL Board has directed the management to pursue recovery from the relevant companies and individuals and undertake any action, including legal and regulatory as deemed necessary. It should be noted that the February 2016 agreement did not release the former Chairman (Mallya) from any claims arising out of the additional inquiry," a company spokesperson said in an e-mailed statement.
There were no immediate comments from Mr Mallya on this.
USL said the overseas beneficiary or recipients of the diverted funds include entities such as Force India Formula One, Watson Ltd, Continental Administrative Services, Modall Securities Ltd, Ultra Dynamics Ltd and Lombard Wall Corporate Service Inc "in each of which Dr Mallya appears to have a material, direct and indirect interests".
The Indian beneficiaries or recipients of the funds identified by the additional inquiry included, in most cases, Kingfisher Airlines (KFA), USL said.
USL said it will be reporting the findings of its additional inquiry spearheaded by its Managing Director and CEO Anand Kripalu to concerned authorities for further action.
"In light of these findings, and based on the expert advice received, including from senior counsel in India, the board directed that copies of the MD and CEO's report (including the additional inquiry report) be provided to concerned authorities," the company said.
This is being done forthwith and the board has resolved that the company would cooperate with all relevant authorities in relation to these matters, it added.
USL spokesperson said the findings of the additional inquiry relate to "historical matters before Diageo consolidated the USL business in July 2014" and ruled out any further financial burden to the company.
"Based on our understanding as of today, we believe there will be no further material financial implications to USL," the spokesperson added.
Mr Mallya is currently wanted in India and is facing charges of money laundering. A consortium of 17 banks lead by SBI has been trying unsuccessfully to recover dues of over Rs 9,000 crore from now defunct Kingfisher Airlines, which was promoted by him.
Last month the Enforcement Directorate had attached assets worth Rs 1,411 crore belonging to Mr Mallya and one of his companies in connection with its money laundering probe in the the alleged IDBI bank loan default case.
Mr Mallya is currently staying in the UK after leaving India in March this year. His passport has been revoked by the Indian government. He has been indicating against any imminent return to India in the wake of various legal and regulatory troubles.
In fresh troubles for Vijay Mallya, his erstwhile group firm United Spirits disclosed Rs 1,225.3 crore worth fund diversion and improper transactions with entities associated with the beleaguered businessman including Kingfisher Air and his Formula One team.
Making it clear that the settlement reached earlier with Mr Mallya would not cover the latest disclosures that came to light after an 'Additional Inquiry', United Spirits-now controlled by global liquor firm Diageo-said the former Chairman would be liable for claims over the amount.
Mr Mallya, who has been in UK for months while evading arrest warrant in India, had reached a settlement with USL earlier this year under which he was promised an over Rs 500-crore 'sweetheart deal' to exit the company, including as its Director and Chairman.
Several banks have declared him 'wilful defaulter' for failing to pay back loans amounting to thousands of crores.
At a meeting, USL Board discussed findings of the additional inquiry it had ordered to plug gaps found in an initial probe launched in April 2015 that showed improprieties in loans worth Rs 1,337 crore given by USL to the entities linked to its erstwhile promoters, Mallya-led UB Group.
"The additional inquiry prima facie reveals further instances of actual or potential fund diversions amounting to approximately Rs 913.5 crore (using exchange rate as on March 31, 2015) as well as other potentially improper transaction involved USL and its Indian and overseas subsidiaries amounting approximately Rs 311.8 crore," USL said in a BSE filing.
The transactions occurred during the review period covered by the additional inquiry-from October 2010 to July 2014-although certain transactions appear to have been initiated in years prior to the review period, it added. These were the periods when UB Group had control over the company.
"These improper transactions identified in the additional inquiry involved, in most cases, the diversion of fund to overseas and Indian entities that appear to be affiliated or associated with USL's former non-executive Chairman, Dr Vijay Mallya," the USL filing said.
The company said its mutual release agreement with Mr Mallya in February this year under which Diageo agreed to pay him $75 million dollars will not cover matters arising out of the additional inquiry.
While the matter is already being probed by markets regulator Sebi and Corporate Affairs Ministry among others, the latest findings of the internal probe are also being reported to the concerned regulators for any further action.
"The USL Board has directed the management to pursue recovery from the relevant companies and individuals and undertake any action, including legal and regulatory as deemed necessary. It should be noted that the February 2016 agreement did not release the former Chairman (Mallya) from any claims arising out of the additional inquiry," a company spokesperson said in an e-mailed statement.
There were no immediate comments from Mr Mallya on this.
USL said the overseas beneficiary or recipients of the diverted funds include entities such as Force India Formula One, Watson Ltd, Continental Administrative Services, Modall Securities Ltd, Ultra Dynamics Ltd and Lombard Wall Corporate Service Inc "in each of which Dr Mallya appears to have a material, direct and indirect interests".
The Indian beneficiaries or recipients of the funds identified by the additional inquiry included, in most cases, Kingfisher Airlines (KFA), USL said.
USL said it will be reporting the findings of its additional inquiry spearheaded by its Managing Director and CEO Anand Kripalu to concerned authorities for further action.
"In light of these findings, and based on the expert advice received, including from senior counsel in India, the board directed that copies of the MD and CEO's report (including the additional inquiry report) be provided to concerned authorities," the company said.
This is being done forthwith and the board has resolved that the company would cooperate with all relevant authorities in relation to these matters, it added.
USL spokesperson said the findings of the additional inquiry relate to "historical matters before Diageo consolidated the USL business in July 2014" and ruled out any further financial burden to the company.
"Based on our understanding as of today, we believe there will be no further material financial implications to USL," the spokesperson added.
Mr Mallya is currently wanted in India and is facing charges of money laundering. A consortium of 17 banks lead by SBI has been trying unsuccessfully to recover dues of over Rs 9,000 crore from now defunct Kingfisher Airlines, which was promoted by him.
Last month the Enforcement Directorate had attached assets worth Rs 1,411 crore belonging to Mr Mallya and one of his companies in connection with its money laundering probe in the the alleged IDBI bank loan default case.
Mr Mallya is currently staying in the UK after leaving India in March this year. His passport has been revoked by the Indian government. He has been indicating against any imminent return to India in the wake of various legal and regulatory troubles.
FM Arun Jaitley questions high interest rates on savings
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With private investment yet to pick up, Finance Minister Arun Jaitley wondered whether it is desirable to continue offering high interest rates on savings that translate into higher cost of lending and sluggishness in the economy.
India, he said, has "peculiar" characteristics of having "quite high" percentage of domestic savings.
"Now, whether domestic savings are only to be used by such instruments which give you a higher return and create an interest regime which is extremely costly and makes the economy sluggish, or higher returns are to be got from such instruments as funds, bonds, shares (that finance projects and economic activity)," he asked.
Speaking at a function in New Delhi to unveil a commemorative postage stamp to mark 140 years of BSE, he said the essence of all economic activity is investment which is going to come from where resources are available.
"A lot of them have also an element of secured investment in them which can give people a very respectable return itself. That's the basis on which pension funds the world over have been functioning and I think these are areas of advances as we grow over the next several years and decades. More and more opportunities are going to come to us," he said.
According to Jaitley, Indian economy will need a lot of investment for a reasonably long period to bridge the infrastructure and industrialisation deficit that has existed for decades.
"And the starting point of all activity has to be investment, it has to be resource-raising, it has to be important companies in the private sector and sometimes PPP, which will ensure this deficit is met," he said.
The finance minister felt that in this context, BSE is an important institution.
"Last few years have seen India grow well, essentially grow well on the strength of enhanced public investment (and) FDI. The best of private sector in that development process is yet to be seen," he said.
Stating that absence of demand has been cited for lack of private investment, he hoped urban demand will improve.
"And since rain gods appear kinder this year, there would be signs of increased rural demand itself and all these in turn would lead to opportunity for the private sector itself," he said.
This will lead to a lot more activity at institutions like BSE, he said, adding that the best of the two stock exchanges -- BSE and NSE -- is yet to come by.
"It is not to undermine what they have already done in the past, it's to prepare them for greater challenges in future. I'm sure BSE would get itself ready for their act," Jaitley added.
With private investment yet to pick up, Finance Minister Arun Jaitley wondered whether it is desirable to continue offering high interest rates on savings that translate into higher cost of lending and sluggishness in the economy.
India, he said, has "peculiar" characteristics of having "quite high" percentage of domestic savings.
"Now, whether domestic savings are only to be used by such instruments which give you a higher return and create an interest regime which is extremely costly and makes the economy sluggish, or higher returns are to be got from such instruments as funds, bonds, shares (that finance projects and economic activity)," he asked.
Speaking at a function in New Delhi to unveil a commemorative postage stamp to mark 140 years of BSE, he said the essence of all economic activity is investment which is going to come from where resources are available.
"A lot of them have also an element of secured investment in them which can give people a very respectable return itself. That's the basis on which pension funds the world over have been functioning and I think these are areas of advances as we grow over the next several years and decades. More and more opportunities are going to come to us," he said.
According to Jaitley, Indian economy will need a lot of investment for a reasonably long period to bridge the infrastructure and industrialisation deficit that has existed for decades.
"And the starting point of all activity has to be investment, it has to be resource-raising, it has to be important companies in the private sector and sometimes PPP, which will ensure this deficit is met," he said.
The finance minister felt that in this context, BSE is an important institution.
"Last few years have seen India grow well, essentially grow well on the strength of enhanced public investment (and) FDI. The best of private sector in that development process is yet to be seen," he said.
Stating that absence of demand has been cited for lack of private investment, he hoped urban demand will improve.
"And since rain gods appear kinder this year, there would be signs of increased rural demand itself and all these in turn would lead to opportunity for the private sector itself," he said.
This will lead to a lot more activity at institutions like BSE, he said, adding that the best of the two stock exchanges -- BSE and NSE -- is yet to come by.
"It is not to undermine what they have already done in the past, it's to prepare them for greater challenges in future. I'm sure BSE would get itself ready for their act," Jaitley added.
How your smartwatch can steal your ATM pin
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A new research says that wearable devices can give away your passwords.
Scientists from Binghamton University and the Stevens Institute of Technology combined data from embedded sensors in wearable technologies, such as smart-watches and fitness trackers, along with a computer algorithm to crack private PINs and passwords with 80-percent accuracy on the first try and more than 90-percent accuracy after three tries.
"Wearable devices can be exploited. Attackers can reproduce the trajectories of the user's hand then recover secret key entries to ATM cash machines, electronic door locks and keypad-controlled enterprise servers," said researcher Chen Wang.
Researchers conducted 5,000 key-entry tests on three key-based security systems, including an ATM, with 20 adults wearing a variety of technologies over 11 months. The team was able to record millimeter-level information of fine-grained hand movements from accelerometers, gyroscopes and magnetometers inside the wearable technologies regardless of a hand's pose.
Those measurements lead to distance and direction estimations between consecutive keystrokes, which the team's "Backward PIN-sequence Inference Algorithm" used to break codes with alarming accuracy without context clues about the keypad.
According to the research team, this is the first technique that reveals personal PINs by exploiting information from wearable devices without the need for contextual information.
The findings are an early step in understanding security vulnerabilities of wearable devices. Even though wearable devices track health and medical activities, their size and computing power doesn't allow for robust security measures, which makes the data within more vulnerable to attack.
The team did not have a solution for the problem in the current research, but did suggest that developers "inject a certain type of noise to data so it cannot be used to derive fine-grained hand movements, while still being effective for fitness tracking purposes such as activity recognition or step counts."
The team also suggests better encryption between the wearable device and the host operating system.
The study has been published in paper 'Friend or Foe?: Your Wearable Devices Reveal Your Personal PIN.'
A new research says that wearable devices can give away your passwords.
Scientists from Binghamton University and the Stevens Institute of Technology combined data from embedded sensors in wearable technologies, such as smart-watches and fitness trackers, along with a computer algorithm to crack private PINs and passwords with 80-percent accuracy on the first try and more than 90-percent accuracy after three tries.
"Wearable devices can be exploited. Attackers can reproduce the trajectories of the user's hand then recover secret key entries to ATM cash machines, electronic door locks and keypad-controlled enterprise servers," said researcher Chen Wang.
Researchers conducted 5,000 key-entry tests on three key-based security systems, including an ATM, with 20 adults wearing a variety of technologies over 11 months. The team was able to record millimeter-level information of fine-grained hand movements from accelerometers, gyroscopes and magnetometers inside the wearable technologies regardless of a hand's pose.
Those measurements lead to distance and direction estimations between consecutive keystrokes, which the team's "Backward PIN-sequence Inference Algorithm" used to break codes with alarming accuracy without context clues about the keypad.
According to the research team, this is the first technique that reveals personal PINs by exploiting information from wearable devices without the need for contextual information.
The findings are an early step in understanding security vulnerabilities of wearable devices. Even though wearable devices track health and medical activities, their size and computing power doesn't allow for robust security measures, which makes the data within more vulnerable to attack.
The team did not have a solution for the problem in the current research, but did suggest that developers "inject a certain type of noise to data so it cannot be used to derive fine-grained hand movements, while still being effective for fitness tracking purposes such as activity recognition or step counts."
The team also suggests better encryption between the wearable device and the host operating system.
The study has been published in paper 'Friend or Foe?: Your Wearable Devices Reveal Your Personal PIN.'
General Awareness
SWACHH BHARAT MISSION – Government to clean 10 Iconic Places in India
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As part of Swachh Bharat Mission to clean and sanitize the entire country, the Ministry has identified 10 such iconic places to start cleanliness drive as part of the pilot project under this mission. As a part of this pilot project under this mission, Central Government will implement a cleaning drive to clean 10 iconic places in our country.
- These 10 places includes Taj Mahal, Vaishno Devi temple and Ajmer Sharif.
- Union Minister (Drinking Water and Sanitation) Narendra Singh Tomar revealed the idea of this pilot project and depends on the success of this pilot project; this cleaning drive will be extended to 100 iconic places in India.
- Drinking Water, Sanitation & Rural Development Minister Narendra Singh Tomarinaugurated a Two Day National Workshop on Special cleanliness of 100 Iconic Places of India in New Delhi.
- Union ministry is in the process of selecting 100 iconic places for cleaning under the mission and most will be either tourist or religious spots.
- Once this pilot project is completed, the govt will carry out a similar cleanliness drive at the remaining 90 places.
- Union ministry is taking help of experts from World Bank to make this project successful.
PLACE STATE Vaishno Devi temple Jammu and Kashmir Taj Mahal Uttar Pradesh Tirupathi temple Andhra Pradesh Golden Temple Punjab Ajmer Sharif Rajasthan Jagannath Temple Orissa Chhatrapati Shivaji Terminus Maharashtra Manikarnika Ghat Uttar Pradesh Meenakshi Temple Tamilnadu Kamakhya Temple Assam
- As part of Swachh Bharat Mission to clean and sanitize the entire country, the Ministry has identified 10 such iconic places to start cleanliness drive as part of the pilot project under this mission. As a part of this pilot project under this mission, Central Government will implement a cleaning drive to clean 10 iconic places in our country.
- These 10 places includes Taj Mahal, Vaishno Devi temple and Ajmer Sharif.
- Union Minister (Drinking Water and Sanitation) Narendra Singh Tomar revealed the idea of this pilot project and depends on the success of this pilot project; this cleaning drive will be extended to 100 iconic places in India.
- Drinking Water, Sanitation & Rural Development Minister Narendra Singh Tomarinaugurated a Two Day National Workshop on Special cleanliness of 100 Iconic Places of India in New Delhi.
- Union ministry is in the process of selecting 100 iconic places for cleaning under the mission and most will be either tourist or religious spots.
- Once this pilot project is completed, the govt will carry out a similar cleanliness drive at the remaining 90 places.
- Union ministry is taking help of experts from World Bank to make this project successful.
PLACE STATE Vaishno Devi temple Jammu and Kashmir Taj Mahal Uttar Pradesh Tirupathi temple Andhra Pradesh Golden Temple Punjab Ajmer Sharif Rajasthan Jagannath Temple Orissa Chhatrapati Shivaji Terminus Maharashtra Manikarnika Ghat Uttar Pradesh Meenakshi Temple Tamilnadu Kamakhya Temple Assam
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