General Affairs
Government Sanctions 6 New Battalions With 7,000 Troops To BSF For Pakistan, Bangladesh Border
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The Border Security Force (BSF), which guards the country's volatile border with Pakistan, will raise six new battalions comprising around 7,000 personnel, official sources said today.
The Ministry of Home Affairs also sanctioned an amount of Rs. 2,090.94 crore to the force. The new battalions will also be deployed along the smuggling and infiltration prone India-Bangladesh border.
The troops will be recruited fresh by the force, to be deployed as part of the six battalions. They will be on the ground in over an year's time, the sources said.
Each BSF battalion has over 1,000 jawans and officers.
The home ministry, the sources said, had on January 19 approved the proposal of the force to raise these fresh battalions and asked the BSF headquarters to quickly initiate the process of operationalising them.
Four battalions, as per the order, will be raised as part of the forces' task of guarding eight Integrated Check Posts (ICPs) along Pakistan and Bangladesh, while the rest two will supplement the working units on the ground and help in the replacement of the tired troops.
The government was planning to raise 15 new battalions in the country's two important border guarding forces-- the BSF and ITBP-- to better dominate and secure the frontiers guarded by these two paramilitary forces, news agency Press Trust of India had reported on January 14.
The Indo-Tibetan Border Police (ITBP) is tasked to guard the 3,488 km long Indian frontier with China.
Sources said the home ministry's sanction to allow the ITBP to raise new battalions was in the "final stages".
The BSF had last year projected for enhancement of its manpower, from the about 2.5-lakh personnel, by sanctioning of new units so that they could be deployed in the Assam and West Bengal flanks of the 4,096-km long Indo-Bangla border to better check smuggling, infiltration and other cross-border crimes.
The border guarding force had wanted a similar addition in numbers to effectively guard the Indo-Pak International Border (IB), especially in Punjab and Jammu regions where it faces frequent instances of unprovoked firing and ceasefire violations from the other side.
The BSF is responsible for providing security to eight ICPs at Attari in Punjab (India-Pakistan border), Petrapole, Chandrabangha and Hili in West Bengal, Dawki (Meghalaya), Akhaura (Tripura), Sutarkhandi (Assam) and Kawarpuchiah (Mizoram) along the Indo-Bangla border.
Sources said the sanction of new battalions to the BSF would also help it better rotate troops from forward locations to comparatively lesser tasked units in the mainland.
The ITBP has similarly pushed its case saying it wants to reduce the inter-BoP (border out post) distance along the icy Himalayan frontier that it is tasked to guard.
The frequent instances of transgressions and confrontations with the Chinese army at the Line of Actual Control (LAC) is also seen as the major reason for the ITBP seeking to enhance its numbers.
The mountain-trained force had recently got sanctions to set up at least 47 new BoPs along the border for effective control of the Himalayan border area.
The home ministry has three border guarding forces under its command, the third being the Sashastra Seema Bal (SSB) that is tasked with guarding Indian borders with Nepal and Bhutan.
The Ministry of Home Affairs also sanctioned an amount of Rs. 2,090.94 crore to the force. The new battalions will also be deployed along the smuggling and infiltration prone India-Bangladesh border.
The troops will be recruited fresh by the force, to be deployed as part of the six battalions. They will be on the ground in over an year's time, the sources said.
Each BSF battalion has over 1,000 jawans and officers.
The home ministry, the sources said, had on January 19 approved the proposal of the force to raise these fresh battalions and asked the BSF headquarters to quickly initiate the process of operationalising them.
Four battalions, as per the order, will be raised as part of the forces' task of guarding eight Integrated Check Posts (ICPs) along Pakistan and Bangladesh, while the rest two will supplement the working units on the ground and help in the replacement of the tired troops.
The government was planning to raise 15 new battalions in the country's two important border guarding forces-- the BSF and ITBP-- to better dominate and secure the frontiers guarded by these two paramilitary forces, news agency Press Trust of India had reported on January 14.
The Indo-Tibetan Border Police (ITBP) is tasked to guard the 3,488 km long Indian frontier with China.
Sources said the home ministry's sanction to allow the ITBP to raise new battalions was in the "final stages".
The BSF had last year projected for enhancement of its manpower, from the about 2.5-lakh personnel, by sanctioning of new units so that they could be deployed in the Assam and West Bengal flanks of the 4,096-km long Indo-Bangla border to better check smuggling, infiltration and other cross-border crimes.
The border guarding force had wanted a similar addition in numbers to effectively guard the Indo-Pak International Border (IB), especially in Punjab and Jammu regions where it faces frequent instances of unprovoked firing and ceasefire violations from the other side.
The BSF is responsible for providing security to eight ICPs at Attari in Punjab (India-Pakistan border), Petrapole, Chandrabangha and Hili in West Bengal, Dawki (Meghalaya), Akhaura (Tripura), Sutarkhandi (Assam) and Kawarpuchiah (Mizoram) along the Indo-Bangla border.
Sources said the sanction of new battalions to the BSF would also help it better rotate troops from forward locations to comparatively lesser tasked units in the mainland.
The ITBP has similarly pushed its case saying it wants to reduce the inter-BoP (border out post) distance along the icy Himalayan frontier that it is tasked to guard.
The frequent instances of transgressions and confrontations with the Chinese army at the Line of Actual Control (LAC) is also seen as the major reason for the ITBP seeking to enhance its numbers.
The mountain-trained force had recently got sanctions to set up at least 47 new BoPs along the border for effective control of the Himalayan border area.
The home ministry has three border guarding forces under its command, the third being the Sashastra Seema Bal (SSB) that is tasked with guarding Indian borders with Nepal and Bhutan.
'Super Blue Blood Moon' Visible In India, Millions Watch Across The World
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The much awaited "Supermoon" became visible on Wednesday a little later than expected, but when it did at around 7:10 pm, the enthusiastic stargazers in New Delhi relished the rare spectacle with a sense of awe.
The "Super Blue Blood Moon", is a rare celestial triple treat. The January 31 sighting of a "blue Moon" and a total lunar eclipse occurred in India for the first time after 1982.
Many organisations across the country stepped in to enhance the show which was also visible to the naked eye.
SPACE India, a start-up focused on astronomy education and astro-tourism services, organised events to observe the phenomenon from 6 pm-9:30 pm at various locations across India, including at India Gate.
The event was organised in five other cities, namely Chennai, Bengaluru, Surat, Dehradun and Meerut.
At India Gate, SPACE India used the Dobsonian telescope which gave a very clear and crisp view of the super moon.
The instrument allowed skywatchers to view the Moon 20 times bigger than it appears to the naked eye.
Hundreds of people, including young children and older adults, turned up at the India Gate to view the event.
People turned out for the events in large numbers as this full moon is special for three reasons -- a "supermoon", a "blue Moon" and a "blood Moon" coinciding at once.
The lunar eclipse already started when the Moon became visible at around 6:45 pm.
The lunar eclipse began at 4:21 pm. It will be completely over by 9:38 pm, when the Moon will exit the Earth's shadow entirely.
While the Moon was in the Earth's shadow it took on a reddish tint, known as a "blood Moon."
Additionally, during this eclipse, the Moon was just a day past perigee which is the closest point to Earth in its orbit, making it appear very large and bright (about 14 per cent) -- and so a "supermoon".
And lastly, it is also the second full moon of the month, commonly known as a "blue moon". The last full Moon of the month was on January 2.
The Nehru Planetarium at the Nehru Memorial Museum and Library in New Delhi is organising an event, "A moonrise in Eclipse!", from 6:30 pm-9 pm on Wednesday.
India will witness another total lunar eclipse on July 27, 2018, SPACE India said.
The "Super Blue Blood Moon", is a rare celestial triple treat. The January 31 sighting of a "blue Moon" and a total lunar eclipse occurred in India for the first time after 1982.
Many organisations across the country stepped in to enhance the show which was also visible to the naked eye.
SPACE India, a start-up focused on astronomy education and astro-tourism services, organised events to observe the phenomenon from 6 pm-9:30 pm at various locations across India, including at India Gate.
The event was organised in five other cities, namely Chennai, Bengaluru, Surat, Dehradun and Meerut.
At India Gate, SPACE India used the Dobsonian telescope which gave a very clear and crisp view of the super moon.
The instrument allowed skywatchers to view the Moon 20 times bigger than it appears to the naked eye.
Hundreds of people, including young children and older adults, turned up at the India Gate to view the event.
People turned out for the events in large numbers as this full moon is special for three reasons -- a "supermoon", a "blue Moon" and a "blood Moon" coinciding at once.
The lunar eclipse already started when the Moon became visible at around 6:45 pm.
The lunar eclipse began at 4:21 pm. It will be completely over by 9:38 pm, when the Moon will exit the Earth's shadow entirely.
While the Moon was in the Earth's shadow it took on a reddish tint, known as a "blood Moon."
Additionally, during this eclipse, the Moon was just a day past perigee which is the closest point to Earth in its orbit, making it appear very large and bright (about 14 per cent) -- and so a "supermoon".
And lastly, it is also the second full moon of the month, commonly known as a "blue moon". The last full Moon of the month was on January 2.
The Nehru Planetarium at the Nehru Memorial Museum and Library in New Delhi is organising an event, "A moonrise in Eclipse!", from 6:30 pm-9 pm on Wednesday.
India will witness another total lunar eclipse on July 27, 2018, SPACE India said.
Tribal Groups Ask BJP To Clear Stand On Naga Political Issue
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Naga tribal organisations have asked the BJP's state unit, which backed out of a joint declaration for not contesting the assembly polls, to come clean on whether it was committed to finding a solution to the Naga political issue.
The core committee of the Naga Tribal Hoho and civil organisations said the BJP should clarify its stand after the party backed out of the joint declaration as it has created confusion in the state.
Representatives of 11 political parties, including the Naga People's Front, the BJP and the Congress, had decided on Monday to not contest the February 27 elections, agreeing to the demand of tribal groups and civil society groups to resolve the Naga political problem first.
State BJP president Visasolie Lhoungu had said that the party's central leadership will take a call on the matter.
The BJP has suspended its state executive council member Kheto Semaparty, who had signed the joint declaration.
"The BJP cannot speak with forked tongue when even after signing the joint declaration, it has put in place a game plan to scuttle the voice of solution to Naga problem before the ensuing election," core committee convener Theja Therieh and co-convener David Sangtam said in a statement in Kohima on Tuesday night.
"The party suspended its member for signing the historic declaration when he was authorised by none other than the state BJP president to sign on behalf of the party... This treacherous act will not go unchallenged," Theja Therieh said.
The state BJP chief had said he had asked Mr Kheto to attend the meeting but had not authorised him to sign the joint declaration.
"We had authorised two party leaders to attend the meeting but had also said that if there is anything regarding the elections, the party's national leaders should be consulted," he said.
Accusing the BJP of "playing a dirty game" to grab political power at the expense of Naga aspirations, they said it was exemplified by their slogan "Election for Solution".
"The core committee representing all the apex tribal hohos (organisations) and mass-based civil societies would like to question whether the state BJP is committed to finding solution to the seven-decade old Naga political issue," the statement said.
The core committee also demanded that the state BJP revoke the suspension of their state executive member Kheto Sema who had signed the joint declaration.
The core committee of the Naga Tribal Hoho and civil organisations said the BJP should clarify its stand after the party backed out of the joint declaration as it has created confusion in the state.
Representatives of 11 political parties, including the Naga People's Front, the BJP and the Congress, had decided on Monday to not contest the February 27 elections, agreeing to the demand of tribal groups and civil society groups to resolve the Naga political problem first.
State BJP president Visasolie Lhoungu had said that the party's central leadership will take a call on the matter.
The BJP has suspended its state executive council member Kheto Semaparty, who had signed the joint declaration.
"The BJP cannot speak with forked tongue when even after signing the joint declaration, it has put in place a game plan to scuttle the voice of solution to Naga problem before the ensuing election," core committee convener Theja Therieh and co-convener David Sangtam said in a statement in Kohima on Tuesday night.
"The party suspended its member for signing the historic declaration when he was authorised by none other than the state BJP president to sign on behalf of the party... This treacherous act will not go unchallenged," Theja Therieh said.
The state BJP chief had said he had asked Mr Kheto to attend the meeting but had not authorised him to sign the joint declaration.
"We had authorised two party leaders to attend the meeting but had also said that if there is anything regarding the elections, the party's national leaders should be consulted," he said.
Accusing the BJP of "playing a dirty game" to grab political power at the expense of Naga aspirations, they said it was exemplified by their slogan "Election for Solution".
"The core committee representing all the apex tribal hohos (organisations) and mass-based civil societies would like to question whether the state BJP is committed to finding solution to the seven-decade old Naga political issue," the statement said.
The core committee also demanded that the state BJP revoke the suspension of their state executive member Kheto Sema who had signed the joint declaration.
4 Major Rivers In Jammu And Kashmir Declared 'National Waterways': Government
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Four major rivers, Jhelum, Chenab, Indus and Ravi in Jammu and Kashmir have been declared "national waterways" by the union government, paving the way for inland navigation on them to boost water transport and tourism, the state government has said.
"The Union government has declared four rivers namely Chenab, Indus, Jhelum and Ravi as national waterways, which would be developed in a phased manner," Minister for Public Health Engineering, Irrigation and Flood Control, Sham Lal Choudhary said.
He said the state government was examining the feasibility-cum-detailed project report of Inland Waterways Authority of India (IWAI) prepared for inland navigation and construction of horizontal and vertical terminals across these waterways.
"The development of these national waterways will boost the Inland Water Transport, besides, exploit the tourism potential on the national waterways of the state and improve the socio-economic profile of people of these areas," he said.
Mr Choudhary, speaking on a discussion on the demand for grants of PHE, I&FC departments in the Legislative Assembly last night, said under the Rs. 399.29 crore Comprehensive Flood Management Plan for river Jehlum, Phase-I, an amount of Rs. 177.20 crore has been utilised against the released amount of Rs. 196.12 crore.
He said a dispute with the Punjab government in connection with the construction of Shahpur Kandi Barrage has been resolved and a fresh agreement has been ratified by both the governments.
"To take the project forward, formulation of DPRs of Comprehensive Flood Management Plan of river Jehlum Phase-II worth Rs. 1684.60 crore under PMDP has been entrusted to WAPCOS, an empanelled agency of Union Ministry of Water Resources and it has been directed to complete it within three months," the minister stressed.
To meet future flood challenges in the Jammu region, the Flood Protection to River Chenab project at a cost of Rs. 2,314 crore has been conceptualised and the DPR has been submitted to the Union government, he added.
"The Union government has declared four rivers namely Chenab, Indus, Jhelum and Ravi as national waterways, which would be developed in a phased manner," Minister for Public Health Engineering, Irrigation and Flood Control, Sham Lal Choudhary said.
He said the state government was examining the feasibility-cum-detailed project report of Inland Waterways Authority of India (IWAI) prepared for inland navigation and construction of horizontal and vertical terminals across these waterways.
"The development of these national waterways will boost the Inland Water Transport, besides, exploit the tourism potential on the national waterways of the state and improve the socio-economic profile of people of these areas," he said.
Mr Choudhary, speaking on a discussion on the demand for grants of PHE, I&FC departments in the Legislative Assembly last night, said under the Rs. 399.29 crore Comprehensive Flood Management Plan for river Jehlum, Phase-I, an amount of Rs. 177.20 crore has been utilised against the released amount of Rs. 196.12 crore.
He said a dispute with the Punjab government in connection with the construction of Shahpur Kandi Barrage has been resolved and a fresh agreement has been ratified by both the governments.
"To take the project forward, formulation of DPRs of Comprehensive Flood Management Plan of river Jehlum Phase-II worth Rs. 1684.60 crore under PMDP has been entrusted to WAPCOS, an empanelled agency of Union Ministry of Water Resources and it has been directed to complete it within three months," the minister stressed.
To meet future flood challenges in the Jammu region, the Flood Protection to River Chenab project at a cost of Rs. 2,314 crore has been conceptualised and the DPR has been submitted to the Union government, he added.
Long Lost 'IMAGE' Satellite Still Alive, Confirms NASA
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NASA on Wednesday said that at least the main control system of its IMAGE satellite, which was re-discovered by an amateur astronomer on January 20, is operational.
Launched on March 25, 2000, IMAGE, short for Imager for Magnetopause-to-Aurora Global Exploration, was designed to image Earth's magnetosphere and produce the first comprehensive global images of the plasma populations in this region.
After successfully completing and extending its initial two-year mission in 2002, contact was unexpectedly lost on December 18, 2005.
After an amateur astronomer recorded observations of a satellite in high Earth orbit on January 20, 2018, his initial research suggested it was the IMAGE satellite.
NASA has now confirmed the identity of the satellite.
"On the afternoon of January 30, the Johns Hopkins Applied Physics Lab in Laurel, Maryland, successfully collected telemetry data from the satellite. The signal showed that the space craft ID was 166 -- the ID for IMAGE," NASA said.
The NASA team was been able to read some basic housekeeping data from the spacecraft, suggesting that at least the main control system is operational.
NASA said it will continue to try to analyse the data from the spacecraft to learn more about the state of the spacecraft.
"This process will take a week or two to complete as it requires attempting to adapt old software and databases of information to more modern systems," the statement added.
Launched on March 25, 2000, IMAGE, short for Imager for Magnetopause-to-Aurora Global Exploration, was designed to image Earth's magnetosphere and produce the first comprehensive global images of the plasma populations in this region.
After successfully completing and extending its initial two-year mission in 2002, contact was unexpectedly lost on December 18, 2005.
After an amateur astronomer recorded observations of a satellite in high Earth orbit on January 20, 2018, his initial research suggested it was the IMAGE satellite.
NASA has now confirmed the identity of the satellite.
"On the afternoon of January 30, the Johns Hopkins Applied Physics Lab in Laurel, Maryland, successfully collected telemetry data from the satellite. The signal showed that the space craft ID was 166 -- the ID for IMAGE," NASA said.
The NASA team was been able to read some basic housekeeping data from the spacecraft, suggesting that at least the main control system is operational.
NASA said it will continue to try to analyse the data from the spacecraft to learn more about the state of the spacecraft.
"This process will take a week or two to complete as it requires attempting to adapt old software and databases of information to more modern systems," the statement added.
Business Affairs
Budget 2018: Mr. Jaitley, please make income tax filing simpler
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If the first time you opened the Income Tax website to file your taxes did not leave you flabbergasted at its complexity, you are probably one in a million. Literally. According to official data, of the 1.3 billion people in India, only 1.7 per cent people filed taxes in AY2015-16. Now, one of the reasons - and while there are many, this appears to be a key one - of tax evasion is the amount of paperwork. According to reports, experts believe that one of the reasons why many middle-income groups evade paying taxes is the amount of tedious and cumbersome paperwork.
Will Finance Minister Arun Jaitley perhaps bring about the necessary changes to simplify the process during this Budget?
"The income tax department has received a lot of request on this and there has been quite a few rounds of discussions as to why one needs every individual to submit their details in a technologically advanced era when information about a taxpayer is available at the click of a mouse," a senior official said, as mentioned in a report by News18. The official also mentioned that the final decision would, however, be taken by the finance minister.
The tax filing process is an intricate one, at best, that begins from picking the correct form as per one's income. Individuals who earn less than Rs 2.5 lakh are exempted from paying taxes, but it is suggested that they should also file the returns. However, it is mandatory for individuals with more than Rs 5 lakh income to file taxes.
The Institute of Chartered Accountants of India (ICAI) also said that instead of ITR 1, ITR 2, ITR 2A, Form 3, Form 4 and Form 4A, there could perhaps be one form, which would also help in simplifying the process.
On top of that, there are speculations about the FM revising the income tax slabs. A recent survey conducted across 200 cities by LocalCircles found out that 31 per cent of respondents want the tax exemption limit to be increased to Rs 3 lakh. Thirty seven per cent respondents want tax slabs to be raised to lower the tax burden on people.
As of now, no tax is levied on income of upto Rs 2.5 lakh annually, while 5 per cent is applied on the bracket of Rs 2.5 lakh to Rs 5 lakh, 20 per cent on Rs 5 lakh to Rs 10 lakh and 30 per cent on income from Rs 10 lakh onwards. These slabs could be revised to increase the non-taxable income bracket upto Rs 3 lakh, while 5 per cent could be applied on Rs 3 lakh to Rs 7 lakh, 20 per cent on Rs 7 lakh to Rs 12 lakh and 30 per cent on Rs 12 lakh and above.
Will the Finance Minister fulfil the wishes of the citizens in the last regular budget of the NDA will be best answered on February 1.
Will Finance Minister Arun Jaitley perhaps bring about the necessary changes to simplify the process during this Budget?
"The income tax department has received a lot of request on this and there has been quite a few rounds of discussions as to why one needs every individual to submit their details in a technologically advanced era when information about a taxpayer is available at the click of a mouse," a senior official said, as mentioned in a report by News18. The official also mentioned that the final decision would, however, be taken by the finance minister.
The tax filing process is an intricate one, at best, that begins from picking the correct form as per one's income. Individuals who earn less than Rs 2.5 lakh are exempted from paying taxes, but it is suggested that they should also file the returns. However, it is mandatory for individuals with more than Rs 5 lakh income to file taxes.
The Institute of Chartered Accountants of India (ICAI) also said that instead of ITR 1, ITR 2, ITR 2A, Form 3, Form 4 and Form 4A, there could perhaps be one form, which would also help in simplifying the process.
On top of that, there are speculations about the FM revising the income tax slabs. A recent survey conducted across 200 cities by LocalCircles found out that 31 per cent of respondents want the tax exemption limit to be increased to Rs 3 lakh. Thirty seven per cent respondents want tax slabs to be raised to lower the tax burden on people.
As of now, no tax is levied on income of upto Rs 2.5 lakh annually, while 5 per cent is applied on the bracket of Rs 2.5 lakh to Rs 5 lakh, 20 per cent on Rs 5 lakh to Rs 10 lakh and 30 per cent on income from Rs 10 lakh onwards. These slabs could be revised to increase the non-taxable income bracket upto Rs 3 lakh, while 5 per cent could be applied on Rs 3 lakh to Rs 7 lakh, 20 per cent on Rs 7 lakh to Rs 12 lakh and 30 per cent on Rs 12 lakh and above.
Will the Finance Minister fulfil the wishes of the citizens in the last regular budget of the NDA will be best answered on February 1.
Larsen & Toubro net profit rises 53% to Rs 1,490 crore in Q3 FY18
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Larsen and Toubro posted 53 per cent increase in its net profit during the quarter that ended on December 31, 2017. Backed by improved project execution and higher domestic order, the profits rose to Rs 1,489.98 crore during the quarter under review. The net profit for corresponding period last fiscal was Rs 972.40 crore, the company said in a stock exchange filing.
"Domestic order intake grew 70 per cent this quarter. These were the orders that were waiting to be awarded and we are happy to bag them that helped bump up our domestic order inflow," L&T Group chief financial officer R Shankar Raman said while addressing reporters today.
The Indian infrastructure firm posted revenue from operations to the tune of Rs 28,747 crore in the third quarter of FY18, in comparison to Rs 26,287 crore in the year ago period. This amounts to 9.4 per cent increase in consolidated gross revenue for the period. This increase goes on to 10 per cent when adjusted for excise duty subsumed in GST, the company said in a statement.
"This quarter was a welcome relief for us as performance was satisfactory on all fronts. Revenue recognition was mainly from our businesses like infrastructure, hydrocarbons, heavy engineering, financial services and developmental projects," said Raman.
"During the past two quarters, we have witnessed a growth of around 8 per cent in revenue and this quarter we touched 10 per cent. At the beginning of the fiscal we had given a guidance of 12-14 per cent topline growth, which we later revised to a flat growth. We would still like to maintain a growth rate which we had last fiscal," he further said.
Consolidated revenue from international markets during the Q3 FY18 amounted to Rs 10,110 crore, which was 35 per cent of the total revenue. Meanwhile, L&T won fresh orders worth Rs 48,130 crore during the December quarter, growing by 38 per cent. The company secured international orders worth Rs 8,835 crore during the period under review, which constituted 18 per cent of the total order inflow.
Raman mentioned that the geo-political development in the Middle East and the changing business climate in the country boosted order flow the domestic market, bumping up domestic orders. "Challenges to growth in global trade continue with protectionist economic policies and geo-political dynamics. Tax reforms in the US, Middle East and elsewhere are resetting the global competitive landscape," he said.
During the quarter, infra revenue grew 11 per cent to Rs 13,801 crore, while heavy engineering business reported a 16 per cent growth at Rs 923 crore and financial services segment grew 25 per cent to Rs 2,634 crore.
Developmental projects business registered a growth to Rs 1,031 crore, while the power segment reported revenue of Rs 1,268 crore. Hydrocarbon segment achieved customer revenue of Rs 3,083 crore, up 29 per cent.
"Domestic order intake grew 70 per cent this quarter. These were the orders that were waiting to be awarded and we are happy to bag them that helped bump up our domestic order inflow," L&T Group chief financial officer R Shankar Raman said while addressing reporters today.
The Indian infrastructure firm posted revenue from operations to the tune of Rs 28,747 crore in the third quarter of FY18, in comparison to Rs 26,287 crore in the year ago period. This amounts to 9.4 per cent increase in consolidated gross revenue for the period. This increase goes on to 10 per cent when adjusted for excise duty subsumed in GST, the company said in a statement.
"This quarter was a welcome relief for us as performance was satisfactory on all fronts. Revenue recognition was mainly from our businesses like infrastructure, hydrocarbons, heavy engineering, financial services and developmental projects," said Raman.
"During the past two quarters, we have witnessed a growth of around 8 per cent in revenue and this quarter we touched 10 per cent. At the beginning of the fiscal we had given a guidance of 12-14 per cent topline growth, which we later revised to a flat growth. We would still like to maintain a growth rate which we had last fiscal," he further said.
Consolidated revenue from international markets during the Q3 FY18 amounted to Rs 10,110 crore, which was 35 per cent of the total revenue. Meanwhile, L&T won fresh orders worth Rs 48,130 crore during the December quarter, growing by 38 per cent. The company secured international orders worth Rs 8,835 crore during the period under review, which constituted 18 per cent of the total order inflow.
Raman mentioned that the geo-political development in the Middle East and the changing business climate in the country boosted order flow the domestic market, bumping up domestic orders. "Challenges to growth in global trade continue with protectionist economic policies and geo-political dynamics. Tax reforms in the US, Middle East and elsewhere are resetting the global competitive landscape," he said.
During the quarter, infra revenue grew 11 per cent to Rs 13,801 crore, while heavy engineering business reported a 16 per cent growth at Rs 923 crore and financial services segment grew 25 per cent to Rs 2,634 crore.
Developmental projects business registered a growth to Rs 1,031 crore, while the power segment reported revenue of Rs 1,268 crore. Hydrocarbon segment achieved customer revenue of Rs 3,083 crore, up 29 per cent.
ICICI Bank Q3 net profit falls 32% to Rs 1,650 crore
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Country's second-largest private sector lender ICICI Bank on Wednesday reported 32.4 per cent drop in its net profit to Rs 1,650 crore for the quarter ended December 2017, its lowest profit in seven quarters. The bank said its non-performing asset (NPA) additions declined to Rs 4,380 crore in the third quarter as compared to Rs 4,674 crore in the quarter ended September 2017.
The bank had registered a net profit of Rs 2,442 crore in the corresponding October-December quarter of 2016-17.
On a consolidated basis, its net profit declined over 27 per cent to Rs 1,894 crore for the quarter ended December. Retail loans grew by 22 per cent year-on-year at December 31, 2017 compared to 19 per cent year-on-year at September 30, 2017, ICICI Bank said.
A massive 92 per cent plunge in treasury income has whittled down other gains ICICI Bank has made in the December quarter.
Managing director and chief executive Chanda Kochhar attributed the dip in profit to the very low treasury income, which slid by over 92 per cent to a low Rs 66 crore on hardening of yields, and also due to forex gains of Rs 82 crore which it had booked in the year-ago period.
During the December quarter, a slew of banks have been reporting reverses on treasury side due to the hardening of yields, which is expected to drill a Rs 15,000-crore hole into the system, according to analysts.
She said the bank's core operating profit rose 10 per cent to Rs 4,992 crore.
However, on the asset quality side, the bank made considerable gains with fresh addition to gross non-performing assets list came down to a nine-quarter low of Rs 4,380 crore.
Also, unlike its peers, bank did not have to disclose any 'divergences' in NPA recognition from the RBI's risk-based supervision exercise which got completed during the quarter.
She said none of divergences which were found by RBI were beyond the 15 per cent threshold set by the regulator, beyond which a bank has to disclose it as a divergence.
Of the fresh slippages, Rs 700 crore came in from a 'drilled down' list of low-rated accounts prepared by the bank, while the other corporate slippages were from accounts in the RBI schemes like S4A, 5/25, restructuring or SDR, chief financial officer NS Kannan told PTI, adding there were no chunky loans which slipped into NPA.
The drilled-down list was broadly flat at Rs 19,062 crore, while the exposure to RBI schemes stands at Rs 1,800 crore, he said, adding the bank does not expect any surprises on asset quality beyond these two lists of over Rs 20,000 crore which will be monitored closely.
The bank said it has a Rs 10,000 crore exposure to 18 accounts under the RBI-mandated second list of large cases to be resolved under the insolvency process, for which it made provisions of around Rs 500 crore during the quarter.
The overall provisions rose to Rs 3,569 crore from Rs 2,712 crore a year ago and the bank guided towards Rs 1,400 crore more of money being set aside in the fourth quarter for exposure to the second list of NCLT accounts.
Kannan said at present, overall provisioning for the NCLT accounts stands at 36 per cent, which will have to be taken up to 50 per cent by March, resulting in extra provisioning requirement in the March quarter.
Kochhar said the bank has provided adequately for its exposure in the first NCLT list of 12 accounts.
Of these 12 accounts, bids have been received for four companies, she said, adding she expects the resolution process to show results in the first quarter of FY19.
Its core net interest income grew 6 per cent to Rs 5,705 crore on an 10 per cent overall loan growth and stable margin, while other income, which includes treasury gains, came down to Rs 3,167 crore from Rs 3,939 crore.
The domestic loan growth came in at 15.6 per cent, a five-quarter high, and was driven by a 22 per cent rise in retail advances, 15 per cent on the corporate front and a 15.2 per cent on the SMEs.
Kochhar said the corporate demand was from refinance and working capital opportunities, and the bank expects to continue with over 15 per cent domestic loan growth. Retail will continue to grow at 18-20 per cent levels, while corporate segment will be up by over 10 per cent, she added.
Net interest margin was almost stable at 3.53 per cent on the domestic front and 3.14 per cent on a blended basis.
The bank has been reluctant on foreign advances and "not actively growing the overseas" book, Kochhar said, adding the international loan book has come de-grown 14.5 per cent during the quarter.
Kannan said from a peak of 28 per cent,share of overseas book has come down to 14.5 per cent now.
Kochhar said RBI may hike interest rates with the firming up of inflation, and will be keenly watching oil prices and fiscal deficit numbers from a price-rise management perspective.
The drilled down list has come down to Rs 19,000 crore from the initial Rs 44,000 crore, she said, adding Rs 7,000 crore of assets have been either recovered or upgraded from that list.
The bank's overall capital adequacy was at 17.65 per cent with the core tier-I at 14.57 per cent. Kochhar said it has no equity capital raising plans as of now.
Brokerage Reliance Securities said the bank surprised "negatively" with its core operating performance and credit costs. "Improving balance sheet matrix is not percolating down to operating profit level," it said.
The bank scrip closed 0.10 per cent up at Rs 352.95 a piece on the BSE, as against a 0.19 per cent correction on the benchmark.
The bank had registered a net profit of Rs 2,442 crore in the corresponding October-December quarter of 2016-17.
On a consolidated basis, its net profit declined over 27 per cent to Rs 1,894 crore for the quarter ended December. Retail loans grew by 22 per cent year-on-year at December 31, 2017 compared to 19 per cent year-on-year at September 30, 2017, ICICI Bank said.
A massive 92 per cent plunge in treasury income has whittled down other gains ICICI Bank has made in the December quarter.
Managing director and chief executive Chanda Kochhar attributed the dip in profit to the very low treasury income, which slid by over 92 per cent to a low Rs 66 crore on hardening of yields, and also due to forex gains of Rs 82 crore which it had booked in the year-ago period.
During the December quarter, a slew of banks have been reporting reverses on treasury side due to the hardening of yields, which is expected to drill a Rs 15,000-crore hole into the system, according to analysts.
She said the bank's core operating profit rose 10 per cent to Rs 4,992 crore.
However, on the asset quality side, the bank made considerable gains with fresh addition to gross non-performing assets list came down to a nine-quarter low of Rs 4,380 crore.
Also, unlike its peers, bank did not have to disclose any 'divergences' in NPA recognition from the RBI's risk-based supervision exercise which got completed during the quarter.
She said none of divergences which were found by RBI were beyond the 15 per cent threshold set by the regulator, beyond which a bank has to disclose it as a divergence.
Of the fresh slippages, Rs 700 crore came in from a 'drilled down' list of low-rated accounts prepared by the bank, while the other corporate slippages were from accounts in the RBI schemes like S4A, 5/25, restructuring or SDR, chief financial officer NS Kannan told PTI, adding there were no chunky loans which slipped into NPA.
The drilled-down list was broadly flat at Rs 19,062 crore, while the exposure to RBI schemes stands at Rs 1,800 crore, he said, adding the bank does not expect any surprises on asset quality beyond these two lists of over Rs 20,000 crore which will be monitored closely.
The bank said it has a Rs 10,000 crore exposure to 18 accounts under the RBI-mandated second list of large cases to be resolved under the insolvency process, for which it made provisions of around Rs 500 crore during the quarter.
The overall provisions rose to Rs 3,569 crore from Rs 2,712 crore a year ago and the bank guided towards Rs 1,400 crore more of money being set aside in the fourth quarter for exposure to the second list of NCLT accounts.
Kannan said at present, overall provisioning for the NCLT accounts stands at 36 per cent, which will have to be taken up to 50 per cent by March, resulting in extra provisioning requirement in the March quarter.
Kochhar said the bank has provided adequately for its exposure in the first NCLT list of 12 accounts.
Of these 12 accounts, bids have been received for four companies, she said, adding she expects the resolution process to show results in the first quarter of FY19.
Its core net interest income grew 6 per cent to Rs 5,705 crore on an 10 per cent overall loan growth and stable margin, while other income, which includes treasury gains, came down to Rs 3,167 crore from Rs 3,939 crore.
The domestic loan growth came in at 15.6 per cent, a five-quarter high, and was driven by a 22 per cent rise in retail advances, 15 per cent on the corporate front and a 15.2 per cent on the SMEs.
Kochhar said the corporate demand was from refinance and working capital opportunities, and the bank expects to continue with over 15 per cent domestic loan growth. Retail will continue to grow at 18-20 per cent levels, while corporate segment will be up by over 10 per cent, she added.
Net interest margin was almost stable at 3.53 per cent on the domestic front and 3.14 per cent on a blended basis.
The bank has been reluctant on foreign advances and "not actively growing the overseas" book, Kochhar said, adding the international loan book has come de-grown 14.5 per cent during the quarter.
Kannan said from a peak of 28 per cent,share of overseas book has come down to 14.5 per cent now.
Kochhar said RBI may hike interest rates with the firming up of inflation, and will be keenly watching oil prices and fiscal deficit numbers from a price-rise management perspective.
The drilled down list has come down to Rs 19,000 crore from the initial Rs 44,000 crore, she said, adding Rs 7,000 crore of assets have been either recovered or upgraded from that list.
The bank's overall capital adequacy was at 17.65 per cent with the core tier-I at 14.57 per cent. Kochhar said it has no equity capital raising plans as of now.
Brokerage Reliance Securities said the bank surprised "negatively" with its core operating performance and credit costs. "Improving balance sheet matrix is not percolating down to operating profit level," it said.
The bank scrip closed 0.10 per cent up at Rs 352.95 a piece on the BSE, as against a 0.19 per cent correction on the benchmark.
Sensex falls nearly 100 points, Nifty at 11,026 a day ahead of Union Budget 2018
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A day ahead of the Finance Minister Arun Jaitley is set to present Modi government's last full year Union Budget, the Sensex and Nifty were trading lower on profit booking amid Asia stocks falling off record highs today.
Weak global cues kept traders nervous.
While the Sensex was down nearly 100 points to 35,936 level, Nifty fell 23 points to 11,026 level.
Kotak Mahindra Bank (1.60%), Reliance Industries (1.13%) and Bharti Airtel (0.89%) were the top Sensex gainers.
Dr Reddy's (3.24%), Coal India (2.26%) and ICICI Bank (1.96%) were the top Sensex losers.
Market breadth was negative with 1115 stocks rising against 1448 falling on BSE. 143 stocks were unchanged.
Among 19 sectoral indices on BSE, 15 were trading in the red on profitbooking.
BSE consumer durables index was the top loser falling 271 points to 22,427 level.
Other major losers were bankex (0.34%), capital goods (0.89%) and healthcare (1.24%).
Midcaps were the major laggards falling 177 points on BSE
Global markets
Asia stocks pulled further back from record highs on Wednesday as the recent rise in global bond yields weighed on equities, while the dollar steadied ahead of the Federal Reserve's policy decision.
MSCI's broadest index of Asia-Pacific shares outside Japan added to the previous day's losses and dipped 0.2 percent, after reaching a record high on Monday.
South Korea's KOSPI rose 0.3 percent and Japan's Nikkei dropped 0.1 percent.
Hong Kong's Hang Seng shed 0.55 percent Shanghai retreated 0.6 percent.
Weak global cues kept traders nervous.
While the Sensex was down nearly 100 points to 35,936 level, Nifty fell 23 points to 11,026 level.
Kotak Mahindra Bank (1.60%), Reliance Industries (1.13%) and Bharti Airtel (0.89%) were the top Sensex gainers.
Dr Reddy's (3.24%), Coal India (2.26%) and ICICI Bank (1.96%) were the top Sensex losers.
Market breadth was negative with 1115 stocks rising against 1448 falling on BSE. 143 stocks were unchanged.
Among 19 sectoral indices on BSE, 15 were trading in the red on profitbooking.
BSE consumer durables index was the top loser falling 271 points to 22,427 level.
Other major losers were bankex (0.34%), capital goods (0.89%) and healthcare (1.24%).
Midcaps were the major laggards falling 177 points on BSE
Global markets
Asia stocks pulled further back from record highs on Wednesday as the recent rise in global bond yields weighed on equities, while the dollar steadied ahead of the Federal Reserve's policy decision.
MSCI's broadest index of Asia-Pacific shares outside Japan added to the previous day's losses and dipped 0.2 percent, after reaching a record high on Monday.
South Korea's KOSPI rose 0.3 percent and Japan's Nikkei dropped 0.1 percent.
Hong Kong's Hang Seng shed 0.55 percent Shanghai retreated 0.6 percent.
E-way bill roll out: New system for transportation of goods to be effective tomorrow
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A 15-day trial for nationwide e-way bill system that began on January 16 will end today. With this, from tomorrow, new e-way bill system will come into effect. Under the new system, every transporters will have to carry a system-generated bill to move goods from one place to another. These bills can be generated from the GSTN portal. The e-way bill system was introduced to bring uniformity across the states for seamless inter-state movement of goods.
The system was to be implemented earlier, but couldn't be done as the required IT infrastructure wasn't in place. Last month, the GST Council decided to implement the e-way bill mechanism throughout the country from February 1. In a notification, the GSTN informed the transporters that E-way bill would become mandatory for inter-state movements of goods from February 1, 2018. It further said that the nationwide e-way bill system would be ready to be rolled out on a trial basis by January 16.
Ahead of the trials on e-way bill generation, GST Network CEO Prakash Kumar explained the system's preparedness and infrastructure capabilities to handle the transition. He said that the e-way bill system is designed to handle around 50 lakhs e-way bills per day. The GSTN expects 10 lakh bills for interstate and 35-40 lakh bills for intra-state. The software for the new system has been developed by the government's premier science and technology organisation: National Informatics Centre. While, the GSTN owns the software, it will be run and operated by the NIC.
ALL YOU NEED TO KNOW ABOUT E-WAY BILL
What is e-way bill?
E-way bill is an electronic document generated on the GST portal evidencing movement of goods. Every registered person who causes movement of goods (which may not necessarily be on account of supply) of consignment value more than Rs 50000 is required to furnish the details of GSTIN of recipient, place of delivery, invoice or challan number and date, value of goods, HSN code, transport document number (Goods Receipt Number or Railway Receipt Number or Airway Bill Number or Bill of Lading Number) and reasons for transportation and transporter details (Vehicle number).
Who should generate it and why?
E-way bill can be generated by the consignor or consignee himself if the transportation is being done in own/hired conveyance or by railways by air or by Vessel. If the goods are handed over to a transporter for transportation by road, the bill will be generated by the transporter. Where neither the consignor nor consignee generates the e-way bill and the value of goods is more than Rs.50,000 it shall be the responsibility of the transporter to generate it.
Purpose of e-way bill
E-way bill is a mechanism to ensure that goods being transported comply with the GST Law and is an effective tool to track movement of goods and check tax evasion.
Validity of e-way bill
The validity of e-way bill depends on the distance to be travelled by the goods. For a distance of less than 100 Km the e-way bill will be valid for a day from the relevant date. For every 100 Km thereafter, the validity will be additional one day from the relevant date. The "relevant date" shall mean the date on which the e-way bill has been generated and the period of validity shall be counted from the time at which the e-way bill has been generated and each day shall be counted as twenty-four hours.
What if goods cannot be transported within the period?
In general, the validity of the e-way bill cannot be extended. However, Commissioner may extend the validity period only by way of issue of notification for certain categories of goods. Further, if under circumstances of an exceptional nature, the goods cannot be transported within the validity period of the e-way bill, the transporter may generate another e-way bill after updating the details again.
Cases where e-way bill is not required
According to CBEC, there are some exceptions to e-way bill requirement. It said: "No e-way bill is required to be generated in the cases where goods being transported by a non-motorised conveyance; goods being transported from the port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs; and when Consignment value is less than Rs 50,000 among others."
The system was to be implemented earlier, but couldn't be done as the required IT infrastructure wasn't in place. Last month, the GST Council decided to implement the e-way bill mechanism throughout the country from February 1. In a notification, the GSTN informed the transporters that E-way bill would become mandatory for inter-state movements of goods from February 1, 2018. It further said that the nationwide e-way bill system would be ready to be rolled out on a trial basis by January 16.
Ahead of the trials on e-way bill generation, GST Network CEO Prakash Kumar explained the system's preparedness and infrastructure capabilities to handle the transition. He said that the e-way bill system is designed to handle around 50 lakhs e-way bills per day. The GSTN expects 10 lakh bills for interstate and 35-40 lakh bills for intra-state. The software for the new system has been developed by the government's premier science and technology organisation: National Informatics Centre. While, the GSTN owns the software, it will be run and operated by the NIC.
ALL YOU NEED TO KNOW ABOUT E-WAY BILL
What is e-way bill?
E-way bill is an electronic document generated on the GST portal evidencing movement of goods. Every registered person who causes movement of goods (which may not necessarily be on account of supply) of consignment value more than Rs 50000 is required to furnish the details of GSTIN of recipient, place of delivery, invoice or challan number and date, value of goods, HSN code, transport document number (Goods Receipt Number or Railway Receipt Number or Airway Bill Number or Bill of Lading Number) and reasons for transportation and transporter details (Vehicle number).
Who should generate it and why?
E-way bill can be generated by the consignor or consignee himself if the transportation is being done in own/hired conveyance or by railways by air or by Vessel. If the goods are handed over to a transporter for transportation by road, the bill will be generated by the transporter. Where neither the consignor nor consignee generates the e-way bill and the value of goods is more than Rs.50,000 it shall be the responsibility of the transporter to generate it.
Purpose of e-way bill
E-way bill is a mechanism to ensure that goods being transported comply with the GST Law and is an effective tool to track movement of goods and check tax evasion.
Validity of e-way bill
The validity of e-way bill depends on the distance to be travelled by the goods. For a distance of less than 100 Km the e-way bill will be valid for a day from the relevant date. For every 100 Km thereafter, the validity will be additional one day from the relevant date. The "relevant date" shall mean the date on which the e-way bill has been generated and the period of validity shall be counted from the time at which the e-way bill has been generated and each day shall be counted as twenty-four hours.
What if goods cannot be transported within the period?
In general, the validity of the e-way bill cannot be extended. However, Commissioner may extend the validity period only by way of issue of notification for certain categories of goods. Further, if under circumstances of an exceptional nature, the goods cannot be transported within the validity period of the e-way bill, the transporter may generate another e-way bill after updating the details again.
Cases where e-way bill is not required
According to CBEC, there are some exceptions to e-way bill requirement. It said: "No e-way bill is required to be generated in the cases where goods being transported by a non-motorised conveyance; goods being transported from the port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs; and when Consignment value is less than Rs 50,000 among others."
General Awareness
mportant International institutions, agencies and fora, their structure, mandate.
India is world’s 3rd largest steel producer
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As per the latest data released by World Steel Association, India is the world’s third-largest steel producer.
Key facts:
India remained the world’s third-largest steel producer for the third year in a row in 2017. India had grabbed the third slot in steel production in 2015 from the US after long been holding the fourth slot.
In 2017, China and Japan have occupied top two positions respectively.
About the World Steel Association:
What is it? Worldsteel is a non-profit organisation with headquarters in Brussels, Belgium. A second office in Beijing, China, opened in April 2006.
Background: The World Steel Association (worldsteel) was founded as the International Iron and Steel Institute on 10 July 1967. It changed its name to the World Steel Association on 6 October 2008.
Representation: Worldsteel represents over 160 steel producers (including 9 of the world’s 10 largest steel companies), national and regional steel industry associations, and steel research institutes. Worldsteel members represent around 85% of world steel production.
Goals of Worldsteel:
To act as the focal point for the steel industry providing global leadership on all major strategic issues impacting the industry, particularly focusing on economic, environmental and social sustainability.
Deliver benchmarking analysis and drive global improvement initiatives in the areas of environmental protection, technology, safety and people development.
Promote global market development opportunities for steel and promote steel to the world at large.
Provide on a timely basis world-class economic data and analysis on the global steel industry and its value chain, as well as assessments on life cycle aspects of steel.
Increase awareness, understanding and support for the steel industry amongst all external stakeholders and key target audiences worldwide.
Promote market competition that is free of government interventions preventing fair trade.
Key facts:
India remained the world’s third-largest steel producer for the third year in a row in 2017. India had grabbed the third slot in steel production in 2015 from the US after long been holding the fourth slot.
In 2017, China and Japan have occupied top two positions respectively.
About the World Steel Association:
What is it? Worldsteel is a non-profit organisation with headquarters in Brussels, Belgium. A second office in Beijing, China, opened in April 2006.
Background: The World Steel Association (worldsteel) was founded as the International Iron and Steel Institute on 10 July 1967. It changed its name to the World Steel Association on 6 October 2008.
Representation: Worldsteel represents over 160 steel producers (including 9 of the world’s 10 largest steel companies), national and regional steel industry associations, and steel research institutes. Worldsteel members represent around 85% of world steel production.
Goals of Worldsteel:
To act as the focal point for the steel industry providing global leadership on all major strategic issues impacting the industry, particularly focusing on economic, environmental and social sustainability.
Deliver benchmarking analysis and drive global improvement initiatives in the areas of environmental protection, technology, safety and people development.
Promote global market development opportunities for steel and promote steel to the world at large.
Provide on a timely basis world-class economic data and analysis on the global steel industry and its value chain, as well as assessments on life cycle aspects of steel.
Increase awareness, understanding and support for the steel industry amongst all external stakeholders and key target audiences worldwide.
Promote market competition that is free of government interventions preventing fair trade.
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