General Affairs
Only Corrupt, Communal And Casteist People Upset With Prime Minister Narendra Modi: Venkaiah Naidu
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Only the corrupt, communal and casteist people are upset with Prime Minister Narendra Modi, Union minister M Venkaiah Naidu today said as he attacked the "opportunistic" coming together of opposition parties. Mr Naidu told reporters in New Delhi that the "unprincipled" alliance of opposition parties will not last longer for want of an ideology and an "able and stable" leadership, which he said is only with the NDA.
"There are three categories of people who are upset with Modi: the corrupt, communal and casteist. They are unhappy because Modi has weeded them out," Mr Naidu said.
"Opposition parties are trying to come together. This is an opportunistic, unprincipled alliance which will not last long," the union minister said when asked about yesterday's lunch meeting hosted by Congress president Sonia Gandhi.
He also hit out at Rahul Gandhi over his visit to Saharanpur and termed it as "just another photo opportunity" for the Congress vice president.
Mr Naidu also suggested that "not much" should be read out of "shrewd politician" Bihar Chief Minister Nitish Kumar's meeting with the prime minister today.
The JD(U) chief had yesterday skipped the luncheon meeting hosted by Congress president Sonia Gandhi. The party was represented at the lunch by Sharad Yadav and KC Tyagi.
Asked if Nitish Kumar and PM Modi's meet hinted at a reunion of the JD(U) and the BJP, the Union minister said, "These are speculations".
The JD(U) had in 2013 broken its 17-year alliance with the BJP after PM Modi was declared the prime ministerial candidate.
"Nothing will be kept secret. Nitish Kumar is a shrewd politician. A chief minister coming to meet the prime minister is a natural thing. The PM wants to work with the states. I do not think there is anything political in it," he said.
"There are three categories of people who are upset with Modi: the corrupt, communal and casteist. They are unhappy because Modi has weeded them out," Mr Naidu said.
"Opposition parties are trying to come together. This is an opportunistic, unprincipled alliance which will not last long," the union minister said when asked about yesterday's lunch meeting hosted by Congress president Sonia Gandhi.
Mr Naidu also suggested that "not much" should be read out of "shrewd politician" Bihar Chief Minister Nitish Kumar's meeting with the prime minister today.
The JD(U) chief had yesterday skipped the luncheon meeting hosted by Congress president Sonia Gandhi. The party was represented at the lunch by Sharad Yadav and KC Tyagi.
Asked if Nitish Kumar and PM Modi's meet hinted at a reunion of the JD(U) and the BJP, the Union minister said, "These are speculations".
The JD(U) had in 2013 broken its 17-year alliance with the BJP after PM Modi was declared the prime ministerial candidate.
"Nothing will be kept secret. Nitish Kumar is a shrewd politician. A chief minister coming to meet the prime minister is a natural thing. The PM wants to work with the states. I do not think there is anything political in it," he said.
India Rushes Help To Flood-Hit Sri Lanka;100 Killed
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An Indian Navy ship with relief materials reached Colombo today as the death toll from the worst floods since 2003 in Sri Lanka climbed to 100 and authorities warned of more rains.
The Disaster Management Centre has called for urgent evacuation warning of residents living along the Kelani River and within the Divisional Secretariats of Kollonnawa, Kaduwela, Wellampitiya, Kelaniya, Biyagama, Sedawatte, Dompe, Hanwella, Padukka and Avissawella.
Over 200,382 people belonging to 52,603 families were affected across 14 districts. Further, 12,007 people belonging to 2,937 families were relocated to 69 safe locations as of Saturday morning, officials said.
100 people have been killed, while 99 others remain missing, officials added.
Sri Lanka's tri-forces personnel including more than 1,000 Army troops were engaged in the rescue and relief operations.
A Sri Lanka Air Force (SLAF) airman died during a flood rescue operation after he fell off a helicopter in Neluwa, Galle.
The Meteorology Department said that current rain along with the windy conditions are to continue.
"Showers or thundershowers will occur at times in the Western, Sabaragamuwa, Southern, Central and North-western provinces," Sri Lanka officials said.
An appeal has been made by Sri Lanka's Ministry of Foreign Affairs in coordination with the Ministry of Disaster Management, to the United Nations, International Search and Rescue Advisory Group (INSARAG) and neighbouring countries to provide assistance to affected people, especially in the affected areas.
In response to the distress call made by Sri Lanka, India has dispatched three of its Navy ships with emergency supplies to help Sri Lanka in its rescue and relief operations.
INS Kirch was diverted to Colombo so as to render immediate assistance in flood relief operations, the ship arrived at Colombo Port early this morning.
Supplies brought in by INS Kirch was handed over to Sri Lankan Foreign Minister, Ravi Karunanayake by the Indian High Commissioner, Taranjit Singh Sandhu.
Two other Indian Navy ships -- INS Shardul and INS Jalashwa -- have also left for Sri Lanka carrying relief materials including food medicines and water.
According to Indian Navy spokesperson Captain D K Sharma said, medical and diving teams along with boats and helicopters have been sent on board INS Jalashwa so that it could assist Sri Lanka in its rescue operations.
In the worst flood that Sri Lanka has seen since 2003, over 90 people killed and over 100 missing. According to the Disaster Management Centre (DMC), about 20,000 people were driven out of their homes both in the south and western parts of the country.
Along with tweeting condolences, Prime Minister Narendra Modi said, Indian naval ships are being dispatched with relief material to Sri Lanka.
"The first ship will reach Colombo tomorrow morning. The second will reach on Sunday. Further assistance on its way," he said in a series of tweets.
India stands by the people of the island nation and that ships are being rushed with relief material, the PM said. Sri Lankan government have also called for temporary arrangements for providing shelters in schools and other public buildings so that people residing in low-lying areas could benefit off it, the DMC said.
In addition, military has deployed thousands of troops to reach flood-hit villagers and the air force have been carrying out several rescue operations across affected regions.
The Disaster Management Centre has called for urgent evacuation warning of residents living along the Kelani River and within the Divisional Secretariats of Kollonnawa, Kaduwela, Wellampitiya, Kelaniya, Biyagama, Sedawatte, Dompe, Hanwella, Padukka and Avissawella.
Over 200,382 people belonging to 52,603 families were affected across 14 districts. Further, 12,007 people belonging to 2,937 families were relocated to 69 safe locations as of Saturday morning, officials said.
100 people have been killed, while 99 others remain missing, officials added.
Sri Lanka's tri-forces personnel including more than 1,000 Army troops were engaged in the rescue and relief operations.
A Sri Lanka Air Force (SLAF) airman died during a flood rescue operation after he fell off a helicopter in Neluwa, Galle.
The Meteorology Department said that current rain along with the windy conditions are to continue.
"Showers or thundershowers will occur at times in the Western, Sabaragamuwa, Southern, Central and North-western provinces," Sri Lanka officials said.
An appeal has been made by Sri Lanka's Ministry of Foreign Affairs in coordination with the Ministry of Disaster Management, to the United Nations, International Search and Rescue Advisory Group (INSARAG) and neighbouring countries to provide assistance to affected people, especially in the affected areas.
In response to the distress call made by Sri Lanka, India has dispatched three of its Navy ships with emergency supplies to help Sri Lanka in its rescue and relief operations.
INS Kirch was diverted to Colombo so as to render immediate assistance in flood relief operations, the ship arrived at Colombo Port early this morning.
Supplies brought in by INS Kirch was handed over to Sri Lankan Foreign Minister, Ravi Karunanayake by the Indian High Commissioner, Taranjit Singh Sandhu.
Two other Indian Navy ships -- INS Shardul and INS Jalashwa -- have also left for Sri Lanka carrying relief materials including food medicines and water.
According to Indian Navy spokesperson Captain D K Sharma said, medical and diving teams along with boats and helicopters have been sent on board INS Jalashwa so that it could assist Sri Lanka in its rescue operations.
In the worst flood that Sri Lanka has seen since 2003, over 90 people killed and over 100 missing. According to the Disaster Management Centre (DMC), about 20,000 people were driven out of their homes both in the south and western parts of the country.
Along with tweeting condolences, Prime Minister Narendra Modi said, Indian naval ships are being dispatched with relief material to Sri Lanka.
India stands by the people of the island nation and that ships are being rushed with relief material, the PM said. Sri Lankan government have also called for temporary arrangements for providing shelters in schools and other public buildings so that people residing in low-lying areas could benefit off it, the DMC said.
In addition, military has deployed thousands of troops to reach flood-hit villagers and the air force have been carrying out several rescue operations across affected regions.
Nitish Kumar Meets PM Modi, Day After Skipping Sonia Gandhi's Invite
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Bihar Chief Minister Nitish Kumar, who sent regrets and a representative for Congress president Sonia Gandhi's lunch party for opposition leaders on yesterday pleading prior engagements, arrived in Delhi only a day later to lunch with Prime Minister Narendra Modi today. PM Modi hosted lunch in honour of visiting Mauritian Prime Minister Pravind Jugnauth and invited senior leaders like Mr Kumar.
Dismissing any talks of a political realignment, he said after the meet "When a CM meets the PM you all do political analysis. This meeting was in honor of Mauritius PM and it is my duty to meet the PM to highlight problems of the state."
The Bihar chief minister turning down Mrs Gandhi's lunch invitation - designed as a show of opposition unity on the day the Modi government turns 3 - had caused eyebrows to be raised. His yes to PM Modi sparked a massive political buzz. It comes as the Congress is trying to gather opposition parties on a common platform to test the ground for a possible alliance of parties to take on the BJP in the 2019 national election when PM Modi will seek a second term.
Mr Kumar today said the opposition is united when it comes to the presidential election. "We have an alliance with the RJD and the Congress and we are running the government. Had met Sonia Gandhi in April and discussed opposition unity, presidential election," he said.
Nitish Kumar had explained after a cabinet meeting on Friday evening that he sought a separate appointment with the Prime Minister on Saturday to discuss de-siltation of the Ganga river. Leaders of his Janata Dal United said not much must be read into his response to the two lunch invites.
Mr Kumar was for years a bitter political rival of the Prime Minister and ended his nearly two-decade-long alliance with the BJP over the latter's ascent in his party. In recent days however he has not quite lived up to the reputation of a being sharp critic of PM Modi.
When all opposition parties denounced the Prime Minister's demonetisation move last year as a reform that punished the poor, Mr Kumar stood out for his enthusiastic support of the notes ban, agreeing with PM Modi that it would counter black money and corruption.
Last week, he slipped in praise for the PM when he ruled himself out as a Prime Ministerial candidate in 2019. He said he didn't have the "the aspiration or the ability" adding that, "the person in whom people will see potential will become the prime minister. People saw potential in Narendra Modi during the last elections, he has become the PM."
The Prime Minister has on occasion responded in kind, like when he complimented Mr Kumar's implementation of an alcohol ban in Bihar.
For months now there has been speculation that Mr Kumar could be considering a political realignment with the BJP, though he has assured his allies Lalu Yadav and the Congress that he is not inclined to end their partnership, built to defeat the BJP in assembly elections in the state two years ago.
Dismissing any talks of a political realignment, he said after the meet "When a CM meets the PM you all do political analysis. This meeting was in honor of Mauritius PM and it is my duty to meet the PM to highlight problems of the state."
The Bihar chief minister turning down Mrs Gandhi's lunch invitation - designed as a show of opposition unity on the day the Modi government turns 3 - had caused eyebrows to be raised. His yes to PM Modi sparked a massive political buzz. It comes as the Congress is trying to gather opposition parties on a common platform to test the ground for a possible alliance of parties to take on the BJP in the 2019 national election when PM Modi will seek a second term.
Nitish Kumar had explained after a cabinet meeting on Friday evening that he sought a separate appointment with the Prime Minister on Saturday to discuss de-siltation of the Ganga river. Leaders of his Janata Dal United said not much must be read into his response to the two lunch invites.
When all opposition parties denounced the Prime Minister's demonetisation move last year as a reform that punished the poor, Mr Kumar stood out for his enthusiastic support of the notes ban, agreeing with PM Modi that it would counter black money and corruption.
Last week, he slipped in praise for the PM when he ruled himself out as a Prime Ministerial candidate in 2019. He said he didn't have the "the aspiration or the ability" adding that, "the person in whom people will see potential will become the prime minister. People saw potential in Narendra Modi during the last elections, he has become the PM."
The Prime Minister has on occasion responded in kind, like when he complimented Mr Kumar's implementation of an alcohol ban in Bihar.
For months now there has been speculation that Mr Kumar could be considering a political realignment with the BJP, though he has assured his allies Lalu Yadav and the Congress that he is not inclined to end their partnership, built to defeat the BJP in assembly elections in the state two years ago.
World Health Organisation Confirms First Three Zika Virus Cases In India
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The World Health Organisation (WHO) has confirmed three cases of Zika virus, including a pregnant woman, reported from Gujarat's Ahmedabad, the first in the country.
All the cases are from the Bapunagar area of Ahmedabad.
"The Ministry of Health and Family Welfare - Government of India (MoHFW) reported three laboratory-confirmed cases of Zika virus disease in Bapunagar area, Ahmedabad District, Gujarat, State, India," the global health body said in a statement.
However, the WHO did not recommend any travel or trade restriction to India based on the current information available.
According to the statement, the routine surveillance detected a laboratory-confirmed case of Zika virus disease through RT-PCR test at B J Medical College in Ahmedabad.
This was further confirmed at the national reference laboratory at the National Institute of Virology (NIV) in Pune on January 4 this year.
WHO said two additional cases were then identified through the Acute Febrile Illness (AFI) and the Antenatal clinic (ANC) surveillance.
Between February 10-16 in 2016, a total 93 blood samples were collected at BJ Medical College (BJMC) out of which one sample from a 64-year-old male had tested positive for Zika virus.
"This was first Zika positive case reported through AFI surveillance from Gujarat," the statement said.
Also, a 34-year-old woman delivered a baby at BJMC on November 9 and during her stay in the hospital she developed a low-grade fever after delivery.
The woman had no history of fever during pregnancy and had no history of travel for three months.
A sample from the patient was referred to the Viral Research and Diagnostic Laboratory (VRDL) for dengue testing and was found to be positive for the virus.
"She was discharged after one week (on 16 November, 2016). The sample was re-confirmed as Zika virus positive at NIV," the statement said.
Besides, a 22-year-old pregnant woman in her 37th week of pregnancy was tested positive for Zika virus disease at the same hospital.
The Indian government had confirmed these cases and had sent the details of the patients to the WHO in March after which the global health body's confirmation in these cases came today, a ministry official said.
As per the WHO statement, immediately after the cases were reported, the Health ministry had shared the national guidelines and action plan on Zika virus disease have been shared with the states to prevent an outbreak of the disease and containment of spread in case of any outbreak.
It also constituted an inter-ministerial task force.
Meanwhile, a technical group tasked to monitor emerging and re-emerging diseases regularly reviewed the global situation on Zika virus disease.
All the international airports and ports have displayed information for travellers on Zika virus disease while the airport health officers along with airport organisations, the National Centre for Disease Control and the National Vector Borne Disease Control Programme are monitoring appropriate vector control measures in airport premises.
In addition to NIV and NCDC in Delhi, 25 laboratories have also been strengthened by Indian Council of Medical Research for laboratory diagnosis, while three entomological laboratories are conducting Zika virus testing on mosquito samples.
"The Indian Council of Medical Research (ICMR) has tested 34,233 human samples and 12,647 mosquito samples for the presence of Zika virus. Among those, close to 500 mosquitoes samples were collected from Bapunagar area, Ahmedabad district, in Gujarat, and were found negative for Zika.
"The Rashtriya Bal Swasthya Karyakram (RBSK) is monitoring microcephaly from 55 sentinel sites. As of now, no increase in number of cases or clustering of microcephaly has been reported from these centers," the WHO said.
While coming out with the report, the WHO said it assumes significance as it describes the first cases of Zika virus infections and provides evidence on its circulation in India.
"These findings suggest low level transmission of Zika virus and new cases may occur in the future," it said, while stressing on strengthening surveillance to better characterise the intensity of the viral circulation and geographical spread and monitor Zika virus related complications.
"Zika virus is known to be circulating in South East Asia Region and these findings do not change the global risk assessment. WHO encourages member states to report similar findings to better understand the global epidemiology of Zika virus," the statement said.
The risk of further spread of Zika virus to areas where the competent vectors, the aedes mosquitoes, are present is significant given the wide geographical distribution of these mosquitoes in various regions of the world.
Zika virus disease is caused by a virus transmitted primarily by Aedes mosquitoes. People with Zika virus can have symptoms including mild fever, skin rash, conjunctivitis, muscle and joint pain, malaise or headache. These symptoms normally last for 2-7 days.
WHO continues to monitor the epidemiological situation and conduct risk assessment based on the latest available information, it said.
All the cases are from the Bapunagar area of Ahmedabad.
"The Ministry of Health and Family Welfare - Government of India (MoHFW) reported three laboratory-confirmed cases of Zika virus disease in Bapunagar area, Ahmedabad District, Gujarat, State, India," the global health body said in a statement.
However, the WHO did not recommend any travel or trade restriction to India based on the current information available.
This was further confirmed at the national reference laboratory at the National Institute of Virology (NIV) in Pune on January 4 this year.
WHO said two additional cases were then identified through the Acute Febrile Illness (AFI) and the Antenatal clinic (ANC) surveillance.
Between February 10-16 in 2016, a total 93 blood samples were collected at BJ Medical College (BJMC) out of which one sample from a 64-year-old male had tested positive for Zika virus.
"This was first Zika positive case reported through AFI surveillance from Gujarat," the statement said.
Also, a 34-year-old woman delivered a baby at BJMC on November 9 and during her stay in the hospital she developed a low-grade fever after delivery.
The woman had no history of fever during pregnancy and had no history of travel for three months.
A sample from the patient was referred to the Viral Research and Diagnostic Laboratory (VRDL) for dengue testing and was found to be positive for the virus.
"She was discharged after one week (on 16 November, 2016). The sample was re-confirmed as Zika virus positive at NIV," the statement said.
Besides, a 22-year-old pregnant woman in her 37th week of pregnancy was tested positive for Zika virus disease at the same hospital.
As per the WHO statement, immediately after the cases were reported, the Health ministry had shared the national guidelines and action plan on Zika virus disease have been shared with the states to prevent an outbreak of the disease and containment of spread in case of any outbreak.
It also constituted an inter-ministerial task force.
Meanwhile, a technical group tasked to monitor emerging and re-emerging diseases regularly reviewed the global situation on Zika virus disease.
All the international airports and ports have displayed information for travellers on Zika virus disease while the airport health officers along with airport organisations, the National Centre for Disease Control and the National Vector Borne Disease Control Programme are monitoring appropriate vector control measures in airport premises.
In addition to NIV and NCDC in Delhi, 25 laboratories have also been strengthened by Indian Council of Medical Research for laboratory diagnosis, while three entomological laboratories are conducting Zika virus testing on mosquito samples.
"The Indian Council of Medical Research (ICMR) has tested 34,233 human samples and 12,647 mosquito samples for the presence of Zika virus. Among those, close to 500 mosquitoes samples were collected from Bapunagar area, Ahmedabad district, in Gujarat, and were found negative for Zika.
"The Rashtriya Bal Swasthya Karyakram (RBSK) is monitoring microcephaly from 55 sentinel sites. As of now, no increase in number of cases or clustering of microcephaly has been reported from these centers," the WHO said.
While coming out with the report, the WHO said it assumes significance as it describes the first cases of Zika virus infections and provides evidence on its circulation in India.
"These findings suggest low level transmission of Zika virus and new cases may occur in the future," it said, while stressing on strengthening surveillance to better characterise the intensity of the viral circulation and geographical spread and monitor Zika virus related complications.
"Zika virus is known to be circulating in South East Asia Region and these findings do not change the global risk assessment. WHO encourages member states to report similar findings to better understand the global epidemiology of Zika virus," the statement said.
The risk of further spread of Zika virus to areas where the competent vectors, the aedes mosquitoes, are present is significant given the wide geographical distribution of these mosquitoes in various regions of the world.
Zika virus disease is caused by a virus transmitted primarily by Aedes mosquitoes. People with Zika virus can have symptoms including mild fever, skin rash, conjunctivitis, muscle and joint pain, malaise or headache. These symptoms normally last for 2-7 days.
WHO continues to monitor the epidemiological situation and conduct risk assessment based on the latest available information, it said.
Palaniswami Praises PM Modi On Completing 3 Years In Office
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Tamil Nadu Chief Minister K Palaniswami today congratulated the NDA government at the Centre for completing three years in office and praised Prime Minister Narendra Modi, saying India has made great strides under his leadership.
"Congratulations on the successful completion of three years in office as Prime Minister of India," Mr Palaniswami said in a letter to the Prime Minister.
"India has made great strides under your able, efficient and dynamic leadership. On this occasion, I would like to thank you for extending all co-operation and support to the government of Tamil Nadu," he said.
Mr Palaniswami also wished PM Modi many more years of good health to continue to serve the nation and people of India.
"I pray that the Almighty blesses you with many more years of good health to continue serving the nation and the people of India," he said.
The NDA government has lined up a series of events, detailing various developmental schemes, to be held across the country as part of completing three years.
On May 24, during his meeting with Modi at Delhi, Mr Palaniswami had invited PM Modi to be the chief guest at two events to honour late AIADMK stalwarts and former chief ministers M G Ramachandran and J Jayalalithaa.
"Congratulations on the successful completion of three years in office as Prime Minister of India," Mr Palaniswami said in a letter to the Prime Minister.
Mr Palaniswami also wished PM Modi many more years of good health to continue to serve the nation and people of India.
The NDA government has lined up a series of events, detailing various developmental schemes, to be held across the country as part of completing three years.
On May 24, during his meeting with Modi at Delhi, Mr Palaniswami had invited PM Modi to be the chief guest at two events to honour late AIADMK stalwarts and former chief ministers M G Ramachandran and J Jayalalithaa.
Business Affairs
DLF Promoters, GIC Set To Sign Rs. 13,000 Crore Deal
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Realty major DLF's promoters are likely to enter into an agreement with Singapore's sovereign wealth fund GIC in the next few weeks to sell their 40 per cent stake in rental business for an estimated Rs. 13,000 crore.
DLF, the county's largest realty firm, expects the deal to be concluded by October this year after receiving regulatory and all other approvals, its CFO Ashok Tyagi said.
"We have made significant progress in the proposed transaction. We expect GIC to conclude extensive due diligence in the next few weeks. "Simultaneously, legal documentation is at an advanced stage which will be completed in the next few weeks," DLF Senior Executive Director (Finance) Saurabh Chawla told analysts today in a conference call.
Chawla said it is very difficult to give an exact timeline as it is a "very large transaction".
In early March, DLF's promoters KP Singh and family had entered into an exclusivity pact with GIC for the deal.
Chawla explained that GIC will approach fair trade regulator CCI for approval while DLF would take approval from minority shareholders. He said the "basic valuation has been frozen" but declined to give a specific number.
Sources had earlier said that the deal is likely to be valued at around Rs. 12,000-13,000 crore.
Tyagi said the proposed transaction is likely to be concluded and "funds will come into the company by October".
In October 2015, DLF had announced that its promoters would sell their entire 40 per cent stake in DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of the commercial assets of the group.
The promoters would invest a significant amount from this proposed transaction into DLF Ltd, which will use it for reduction of debt that has crossed Rs. 25,000 crore.
In late 2009, DLF had announced the merger of its subsidiary DCCDL with promoter firm Caraf Builders and Constructions. DCCDL had then issued compulsorily convertible preference shares (CCPS) worth Rs. 1,597 crore to promoters.
Post conversion of CCPS into ordinary shares, promoters will have a 40 per cent stake in DCCDL, while the remaining 60 per cent is with DLF.
DLF has about 30 million sq ft of commercial area with an annual rent of about Rs. 2,700 crore. Out of that, DCCDL holds about 22 million sq ft of commercial space.
DLF, the county's largest realty firm, expects the deal to be concluded by October this year after receiving regulatory and all other approvals, its CFO Ashok Tyagi said.
"We have made significant progress in the proposed transaction. We expect GIC to conclude extensive due diligence in the next few weeks. "Simultaneously, legal documentation is at an advanced stage which will be completed in the next few weeks," DLF Senior Executive Director (Finance) Saurabh Chawla told analysts today in a conference call.
Chawla said it is very difficult to give an exact timeline as it is a "very large transaction".
In early March, DLF's promoters KP Singh and family had entered into an exclusivity pact with GIC for the deal.
Chawla explained that GIC will approach fair trade regulator CCI for approval while DLF would take approval from minority shareholders. He said the "basic valuation has been frozen" but declined to give a specific number.
Sources had earlier said that the deal is likely to be valued at around Rs. 12,000-13,000 crore.
Tyagi said the proposed transaction is likely to be concluded and "funds will come into the company by October".
In October 2015, DLF had announced that its promoters would sell their entire 40 per cent stake in DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of the commercial assets of the group.
The promoters would invest a significant amount from this proposed transaction into DLF Ltd, which will use it for reduction of debt that has crossed Rs. 25,000 crore.
In late 2009, DLF had announced the merger of its subsidiary DCCDL with promoter firm Caraf Builders and Constructions. DCCDL had then issued compulsorily convertible preference shares (CCPS) worth Rs. 1,597 crore to promoters.
Post conversion of CCPS into ordinary shares, promoters will have a 40 per cent stake in DCCDL, while the remaining 60 per cent is with DLF.
DLF has about 30 million sq ft of commercial area with an annual rent of about Rs. 2,700 crore. Out of that, DCCDL holds about 22 million sq ft of commercial space.
Indian Firms' Foreign Borrowings In April Triple To $1.3 Billion
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Indian firms' external commercial borrowings (ECBs) in April went up more than three-fold to $1.30 billion, while ECBs were at $304.57 million in the same month of 2016, the Reserve Bank of India (RBI) has said.
According to RBI data released here on Thursday, the borrowings by Indian companies in April this year included $1.27 billion through the automatic route, and $39.26 million via the approval route.
During the month in consideration, Indian firms also made additional borrowing of $394.53 million through rupee denominated bonds (RDBs), which have been permitted from September last year. In the category of automatic route, JSW Steel took a loan of $500 million for overseas acquisition and refinancing of earlier ECB, while HPCL-Mittal Energy raised $372 million to pay-off earlier ECB.
A substantial portion of ECBs in April was taken to start new projects.
Under the approval route, Essar Shipping was the only company, which raised $39.26 million for import of capital goods.
The firms which floated rupee denominated bonds overseas were - $310 million by NTPC for power, $62 million by Nissan Renault Financial Services for on-lending and $22.48 million by UCWeb Mobile for general corporate purpose.
According to RBI data released here on Thursday, the borrowings by Indian companies in April this year included $1.27 billion through the automatic route, and $39.26 million via the approval route.
During the month in consideration, Indian firms also made additional borrowing of $394.53 million through rupee denominated bonds (RDBs), which have been permitted from September last year. In the category of automatic route, JSW Steel took a loan of $500 million for overseas acquisition and refinancing of earlier ECB, while HPCL-Mittal Energy raised $372 million to pay-off earlier ECB.
A substantial portion of ECBs in April was taken to start new projects.
Under the approval route, Essar Shipping was the only company, which raised $39.26 million for import of capital goods.
The firms which floated rupee denominated bonds overseas were - $310 million by NTPC for power, $62 million by Nissan Renault Financial Services for on-lending and $22.48 million by UCWeb Mobile for general corporate purpose.
Natural Gas Production No Longer Profitable Business: ONGC
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State-owned Oil and Natural Gas Corp (ONGC) has said that producing natural gas is no longer a profitable business for the company as the government-mandated gas price is significantly below the cost of production.
The BJP-led government had in October 2014 evolved a new pricing formula using rates prevalent in gas surplus nations like the US, Canada and Russia to determine rates in a net importing country. Prices have halved to $2.48 per million British thermal unit since the formula was implemented.
ONGC Chairman and Managing Director Dinesh K Sarraf said the company lost Rs. 5,010 crore in revenue on natural gas business, and about Rs. 3,000 crore in profit in just last one year because of cuts in gas prices. "Natural gas is no more profitable business because cost of production is very very significantly higher than current gas prices," he told reporters here.
For any company it does not make economic or commercial sense to invest in new fields or in augmenting production from existing ones through fresh investment if the price it will get is below the cost of production.
Sarraf said the price paid to domestic producers is less than half of the rate paid for import of gas (LNG).
India currently imports half of its natural gas needs and Prime Minister Narendra Modi is keen on cutting down import bill by raising indigenous production and 'Make in India'.
ONGC, he said, has sought a review of the natural gas pricing formula.
"We have no reason to disbelieve that gas prices will not be raised," he said.
India's largest natural gas producer is demanding a floor or minimum price of natural gas be fixed at $4.2 per mmBtu for the business to make economic sense.
"Keeping in view of cost of production of gas, cost of alternate fuels and other market dynamics, Ministry of Petroleum and Natural Gas is requested to review the existing domestic gas price formula and provide a floor price at least to the level of earlier APM (regulated) price ($4.20 per mmBtu)/non-APM price ($4.20 to $5.25 per mmBtu) fixed in June 2010," ONGC said in a recent communique.
The new formula provides for revising rates every six months - on April 1 and October 1, based on one-year average gas price in the surplus nations with a lag of one quarter.
When the formula was implemented, rates went up from $4.2 to $5.05 per mmBtu but fell to $4.66 per mmBtu in April 2015 and to $3.82 in October that year.
It further dipped to $3.06 per mmBtu in April 2016 and to $2.50 per mmBtu in October 2016. In April this year, it further fell to $2.48 per mmBtu.
Oil Minister Dharmendra Pradhan in a written reply to a question in Lok Sabha on March 20 had stated that the cost of production of natural gas in the prolific Krishna Godavari basin is between $4.99 per mmBtu and $7.30 per mmBtu.
The same for other basins is in the range of $3.80 per mmBtu to $6.59 per mmBtu, he had said, adding the production costs of companies vary from field to field depending upon size of the reservoir, location, logistics and availability of surface facilities.
ONGC is the country's biggest gas producer, accounting for some 80 per cent of the 70 million standard cubic meters per day current output.
The BJP-led government had in October 2014 evolved a new pricing formula using rates prevalent in gas surplus nations like the US, Canada and Russia to determine rates in a net importing country. Prices have halved to $2.48 per million British thermal unit since the formula was implemented.
ONGC Chairman and Managing Director Dinesh K Sarraf said the company lost Rs. 5,010 crore in revenue on natural gas business, and about Rs. 3,000 crore in profit in just last one year because of cuts in gas prices. "Natural gas is no more profitable business because cost of production is very very significantly higher than current gas prices," he told reporters here.
For any company it does not make economic or commercial sense to invest in new fields or in augmenting production from existing ones through fresh investment if the price it will get is below the cost of production.
Sarraf said the price paid to domestic producers is less than half of the rate paid for import of gas (LNG).
India currently imports half of its natural gas needs and Prime Minister Narendra Modi is keen on cutting down import bill by raising indigenous production and 'Make in India'.
ONGC, he said, has sought a review of the natural gas pricing formula.
"We have no reason to disbelieve that gas prices will not be raised," he said.
India's largest natural gas producer is demanding a floor or minimum price of natural gas be fixed at $4.2 per mmBtu for the business to make economic sense.
"Keeping in view of cost of production of gas, cost of alternate fuels and other market dynamics, Ministry of Petroleum and Natural Gas is requested to review the existing domestic gas price formula and provide a floor price at least to the level of earlier APM (regulated) price ($4.20 per mmBtu)/non-APM price ($4.20 to $5.25 per mmBtu) fixed in June 2010," ONGC said in a recent communique.
The new formula provides for revising rates every six months - on April 1 and October 1, based on one-year average gas price in the surplus nations with a lag of one quarter.
When the formula was implemented, rates went up from $4.2 to $5.05 per mmBtu but fell to $4.66 per mmBtu in April 2015 and to $3.82 in October that year.
It further dipped to $3.06 per mmBtu in April 2016 and to $2.50 per mmBtu in October 2016. In April this year, it further fell to $2.48 per mmBtu.
Oil Minister Dharmendra Pradhan in a written reply to a question in Lok Sabha on March 20 had stated that the cost of production of natural gas in the prolific Krishna Godavari basin is between $4.99 per mmBtu and $7.30 per mmBtu.
The same for other basins is in the range of $3.80 per mmBtu to $6.59 per mmBtu, he had said, adding the production costs of companies vary from field to field depending upon size of the reservoir, location, logistics and availability of surface facilities.
ONGC is the country's biggest gas producer, accounting for some 80 per cent of the 70 million standard cubic meters per day current output.
Adani Has To Pay Royalties In Full For Coal Mine: Australia State Premier
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Adani Enterprises will get no exemption or discounted rates on royalties it has to pay to develop its Carmichael coal mine project in Australia, Queensland state Premier Annastacia Palaszczuk said on Saturday.
Ministers from the Centre-left state government made the decision on Friday, putting an end to speculation that the Indian company would be offered concessions on royalties during the early years of coal production.
"Under this new policy, the Adani Carmichael mine will pay every cent of royalties in full," Palaszczuk said in a statement on Saturday. "There will be no royalty holiday for the Adani Carmichael mine."
Adani said this week its board had deferred a final investment decision that had been expected by the end of May because the government had yet to sign off on a royalty regime.
Adani could not be immediately reached for comment on the Queensland government's announcement.
Deputy Premier Jackie Trad said Adani would be allowed to defer payment of royalties provided interest was paid and a security of payment was in place.
The state government ruled out the use of public money to subsidise the controversial project or any directly associated infrastructure.
Adani has battled green groups over the past six years looking to block what would be Australia's biggest coal mine. Opponents have argued the coal exports would stoke global warming and that the project would require a port expansion that could damage the Great Barrier Reef.
The port expansion is no longer needed as the company has shrunk the first phase of the mine to 25 million tonnes from 40 million tonnes a year, as it looks to make the mine and rail project more affordable at around $4 billion, instead of more than $10 billion.
Ministers from the Centre-left state government made the decision on Friday, putting an end to speculation that the Indian company would be offered concessions on royalties during the early years of coal production.
"Under this new policy, the Adani Carmichael mine will pay every cent of royalties in full," Palaszczuk said in a statement on Saturday. "There will be no royalty holiday for the Adani Carmichael mine."
Adani said this week its board had deferred a final investment decision that had been expected by the end of May because the government had yet to sign off on a royalty regime.
Adani could not be immediately reached for comment on the Queensland government's announcement.
Deputy Premier Jackie Trad said Adani would be allowed to defer payment of royalties provided interest was paid and a security of payment was in place.
The state government ruled out the use of public money to subsidise the controversial project or any directly associated infrastructure.
Adani has battled green groups over the past six years looking to block what would be Australia's biggest coal mine. Opponents have argued the coal exports would stoke global warming and that the project would require a port expansion that could damage the Great Barrier Reef.
The port expansion is no longer needed as the company has shrunk the first phase of the mine to 25 million tonnes from 40 million tonnes a year, as it looks to make the mine and rail project more affordable at around $4 billion, instead of more than $10 billion.
Sun Pharma Says 2018 Sales May Fall As U.S. Market Gets Tougher
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India's largest drug group Sun Pharmaceutical Industries Ltd said on Friday its U.S. sales might fall this year because of pressure on drug prices, signalling tough market conditions in the United States for generic drugmakers.
"The U.S. generics industry is facing rapidly changing market dynamics, (and) increased competitive intensity and customer consolidation is leading to pressure on pricing," Sun's Managing Director Dilip Shanghvi said on a call with analysts after the company reported lower than expected fourth-quarter earnings.
"We may even have a single digit decline in consolidated revenue for full-year 2018 versus full-year 2017." The world's fifth-largest generic drugs maker is the latest to offer a bleak U.S. forecast, echoing recent comments by rivals Dr Reddy's Laboratories Ltd and Lupin Ltd.
India's nearly $16 billion drugs industry faces an uncertain future in its largest export market, the United States.
A wave of consolidation between U.S. drug distributors has hit the negotiating power of drugmakers. There is also uncertainty around big healthcare policy changes by U.S. President Donald Trump.
"For many things there is a new normal that is getting established," Sun's Shanghvi said in response to analysts queries on how the company planned to deal with the increasing challenges. "We are clearly at the level of profitability where we were 12 years back ... we need to execute better."
Sun's plan, like that of other large Indian drugmakers, is to make niche products where there's less competition, such as for ophthalmology and dermatology.
Sun has been working on fixing problems at its western India-based Halol plant, where the U.S. Food and Drug Administration has raised concerns about quality control violations.
Managing Director Shanghvi said the company was continuing to fix those issues as it awaited another inspection, which it had no visibility on.
It is also partnered with U.S. firm Merck & Co Inc on developing tildrakizumab, a new drug for psoriasis that Shanghvi said might be launched next year.
Hit by a 34 percent fall in U.S. sales, Sun's profit for the quarter ended March fell 14 percent to 12.24 billion rupees ($189.94 million), lower than the 15 billion rupees that 21 analysts polled by Thomson Reuters expected, on average.
Sales in its second-largest market, India, were up 10 percent, but the business will face a one-time hit from a nationwide tax reform that the government plants to implement July onwards, Shanghvi said.
"The U.S. generics industry is facing rapidly changing market dynamics, (and) increased competitive intensity and customer consolidation is leading to pressure on pricing," Sun's Managing Director Dilip Shanghvi said on a call with analysts after the company reported lower than expected fourth-quarter earnings.
"We may even have a single digit decline in consolidated revenue for full-year 2018 versus full-year 2017." The world's fifth-largest generic drugs maker is the latest to offer a bleak U.S. forecast, echoing recent comments by rivals Dr Reddy's Laboratories Ltd and Lupin Ltd.
India's nearly $16 billion drugs industry faces an uncertain future in its largest export market, the United States.
A wave of consolidation between U.S. drug distributors has hit the negotiating power of drugmakers. There is also uncertainty around big healthcare policy changes by U.S. President Donald Trump.
"For many things there is a new normal that is getting established," Sun's Shanghvi said in response to analysts queries on how the company planned to deal with the increasing challenges. "We are clearly at the level of profitability where we were 12 years back ... we need to execute better."
Sun's plan, like that of other large Indian drugmakers, is to make niche products where there's less competition, such as for ophthalmology and dermatology.
Sun has been working on fixing problems at its western India-based Halol plant, where the U.S. Food and Drug Administration has raised concerns about quality control violations.
Managing Director Shanghvi said the company was continuing to fix those issues as it awaited another inspection, which it had no visibility on.
It is also partnered with U.S. firm Merck & Co Inc on developing tildrakizumab, a new drug for psoriasis that Shanghvi said might be launched next year.
Hit by a 34 percent fall in U.S. sales, Sun's profit for the quarter ended March fell 14 percent to 12.24 billion rupees ($189.94 million), lower than the 15 billion rupees that 21 analysts polled by Thomson Reuters expected, on average.
Sales in its second-largest market, India, were up 10 percent, but the business will face a one-time hit from a nationwide tax reform that the government plants to implement July onwards, Shanghvi said.
General Awareness
PM Modi inaugurates India’s longest bridge Dhola-Sadiya Bridge in Assam
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On May 26, 2017, Prime Minister Narendra Modi inaugurated India’s longest river bridge, the Dhola-Sadiya bridge. This bridge has been named after late legendary singer Bhupen Hazarika. Sadiya was the birth place of Bhupen Hazarika.
- Union Minister of Road Transport & Highways and Shipping, Nitin Gadkari. Assam governor Banwarilal Purohit and Assam Chief Minister Sarbanada Sonowal accompanied PM Modi at the inauguration function.
- The inauguration of this bridge coincides with BJP-led NDA Government’s three years in power.
- Central Government expects that this bridge will transform the road connectivity in the North-East.
Details about Dhola-Sadiya Bridge in Assam:
The bridge is a three lane carriage way which links Assam to Arunachal Pradesh.
- 9.15 km long Dhola-Sadiya Bridge is longer than the Bandra-Worli Sea Link (5.6 km) in Mumbai.
- It has been built at a cost of about Rs 2,056 crore over river Lohit, a tributary of the Brahmaputra.
- The bridge will reduce the distance from Rupai in Assam to Meka/Roing in Arunachal Pradesh by 165 km.
Strategic Significance of Dhola-Sadiya Bridge in Assam:
The bridge has strategic significance since it is near Anini, 100km from China border and will thus enhance India’s defence capabilities in the north eastern region.
- Commuting through this bridge, the army convoys will take less time in reaching the posts along the India-China border in Dibang and Anjaw, which currently takes two days.
- The bridge has the capacity to withstand the passage of 60-tonne tanks.
PM Modi lays foundation stone for two key projects AIIMS & ICAR in Assam
On May 26, 2017, PM Modi laid the foundation stone for an Indian Agricultural Research Institute (IARI) at Gogamukh in Dhemaji district of Assam.
- He also laid the foundation stone for an All India Institute of Medical Sciences (AIIMS), at Changsari in Kamrup district of Assam by pressing a remote from the Sarusajai Stadium in Guwahati. AIIMS in Kmarup will be constructed at a cost of Rs 1,123 crore under ‘Pradhan Mantri Swasthya Suraksha Yojana’. It will be completed within the next four years.
PM Narendra Modi launches Sampada scheme for value addition of agriculture produce
On May 26, 2017, Prime Minister Narendra Modi announced the launch of the new scheme SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) which will bring value addition of agriculture produce and will thereby increase farmers’ income. PM announced this scheme at a ceremony for laying the foundation stone of Indian agricultural research institute in Gogamukh in Assam
Details about SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters):
Financial Outlay: Rs. 6000 crore
To be implemented by: FY 2019-20
Objectives:
- To bring all ongoing schemes like mega food parks and cold chain projectsunder one umbrella scheme
- Bring down post harvest losses to almost zero level
- Provide high quality food to consumers at affordable price
- Doubling of farmers’ income
On May 26, 2017, Prime Minister Narendra Modi inaugurated India’s longest river bridge, the Dhola-Sadiya bridge. This bridge has been named after late legendary singer Bhupen Hazarika. Sadiya was the birth place of Bhupen Hazarika.
- Union Minister of Road Transport & Highways and Shipping, Nitin Gadkari. Assam governor Banwarilal Purohit and Assam Chief Minister Sarbanada Sonowal accompanied PM Modi at the inauguration function.
- The inauguration of this bridge coincides with BJP-led NDA Government’s three years in power.
- Central Government expects that this bridge will transform the road connectivity in the North-East.
Details about Dhola-Sadiya Bridge in Assam:
The bridge is a three lane carriage way which links Assam to Arunachal Pradesh.
- 9.15 km long Dhola-Sadiya Bridge is longer than the Bandra-Worli Sea Link (5.6 km) in Mumbai.
- It has been built at a cost of about Rs 2,056 crore over river Lohit, a tributary of the Brahmaputra.
- The bridge will reduce the distance from Rupai in Assam to Meka/Roing in Arunachal Pradesh by 165 km.
Strategic Significance of Dhola-Sadiya Bridge in Assam:
The bridge has strategic significance since it is near Anini, 100km from China border and will thus enhance India’s defence capabilities in the north eastern region.
- Commuting through this bridge, the army convoys will take less time in reaching the posts along the India-China border in Dibang and Anjaw, which currently takes two days.
- The bridge has the capacity to withstand the passage of 60-tonne tanks.
PM Modi lays foundation stone for two key projects AIIMS & ICAR in Assam
On May 26, 2017, PM Modi laid the foundation stone for an Indian Agricultural Research Institute (IARI) at Gogamukh in Dhemaji district of Assam.
- He also laid the foundation stone for an All India Institute of Medical Sciences (AIIMS), at Changsari in Kamrup district of Assam by pressing a remote from the Sarusajai Stadium in Guwahati. AIIMS in Kmarup will be constructed at a cost of Rs 1,123 crore under ‘Pradhan Mantri Swasthya Suraksha Yojana’. It will be completed within the next four years.
PM Narendra Modi launches Sampada scheme for value addition of agriculture produce
On May 26, 2017, Prime Minister Narendra Modi announced the launch of the new scheme SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) which will bring value addition of agriculture produce and will thereby increase farmers’ income. PM announced this scheme at a ceremony for laying the foundation stone of Indian agricultural research institute in Gogamukh in Assam
Details about SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters):
Financial Outlay: Rs. 6000 crore
To be implemented by: FY 2019-20
To be implemented by: FY 2019-20
Objectives:
- To bring all ongoing schemes like mega food parks and cold chain projectsunder one umbrella scheme
- Bring down post harvest losses to almost zero level
- Provide high quality food to consumers at affordable price
- Doubling of farmers’ income
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