General Affairs
Explaining Welfare Schemes To Masses Will Ensure Election Win: PM Modi
-
Prime Minister Narendra Modi today asked BJP lawmakers to take welfare schemes announced in the budget to the masses, saying that making people aware of them would lead to the party winning in the elections, according to leaders present at the meeting.
Lawmakers' success is directly linked to the party's performance, the prime minister told the BJP parliamentary meeting, the leaders said.
Party president Amit Shah also spoke at the meeting and blamed Congress chief Rahul Gandhi's "undemocratic" politics for his party members heckling the prime minister during his speech in the Lok Sabha on Wednesday.
Prime Minister Modi spoke at length about the Union budget, calling it especially positive for farmers and the poor while citing the announcement of a health insurance scheme for 10 crore families, Parliamentary Affairs Minister Ananth Kumar told reporters.
PM Modi asked lawmakers to inform the masses about various pro-people features of the budget. The prime minister also asked the gathering to hold meetings at booths to take various welfare schemes announced in the budget to people and run intensive campaigns to propagate them, Mr Kumar said.
Some leaders present in the meeting later said that the prime minister underlined the importance of making people aware about these schemes for winning the elections and told them that their win was linked to the party's victory.
He asked them to hold mock parliaments in various places to discuss the budget and praised Finance Minister Arun Jaitley's reply in the Lok Sabha during a discussion on it.
Prime Minister Modi also heaped praise on Amit Shah for his maiden speech in the Rajya Sabha.
PM Modi even made a reference to yesterday's rally in Tripura, which goes to the polls on February 18, and said that a huge crowd had arrived despite attempts of the state's Left government to prevent people from attending it.
During his speech, Mr Shah slammed Congress chief Rahul Gandhi, saying, "Never before in the parliamentary history was a prime minister's reply to the president's address disrupted by the Oppositon." Mr Shah said this referring to Congress protests in the well of the Lok Sabha during Modi's over-90-minute speech on Wednesday.
Rahul Gandhi's mindset is "undemocratic" and that is why the prime minister had to speak amid disruptions, he said. When Manmohan Singh was the prime minister, for over 10 years such a situation had never occurred, he said.
Mr Shah also touched on the Congress' attack on the government over the Rafale aircraft deal, saying Mr Jaitley in his speech had touched on its various aspects. "The broader details of the deal have been shared in Parliament. But every detail, including those about its weapons and their cost, cannot be made public," Ananth Kumar quoted Amit Shah as saying.
Lawmakers' success is directly linked to the party's performance, the prime minister told the BJP parliamentary meeting, the leaders said.
Party president Amit Shah also spoke at the meeting and blamed Congress chief Rahul Gandhi's "undemocratic" politics for his party members heckling the prime minister during his speech in the Lok Sabha on Wednesday.
Prime Minister Modi spoke at length about the Union budget, calling it especially positive for farmers and the poor while citing the announcement of a health insurance scheme for 10 crore families, Parliamentary Affairs Minister Ananth Kumar told reporters.
PM Modi asked lawmakers to inform the masses about various pro-people features of the budget. The prime minister also asked the gathering to hold meetings at booths to take various welfare schemes announced in the budget to people and run intensive campaigns to propagate them, Mr Kumar said.
Some leaders present in the meeting later said that the prime minister underlined the importance of making people aware about these schemes for winning the elections and told them that their win was linked to the party's victory.
He asked them to hold mock parliaments in various places to discuss the budget and praised Finance Minister Arun Jaitley's reply in the Lok Sabha during a discussion on it.
Prime Minister Modi also heaped praise on Amit Shah for his maiden speech in the Rajya Sabha.
PM Modi even made a reference to yesterday's rally in Tripura, which goes to the polls on February 18, and said that a huge crowd had arrived despite attempts of the state's Left government to prevent people from attending it.
During his speech, Mr Shah slammed Congress chief Rahul Gandhi, saying, "Never before in the parliamentary history was a prime minister's reply to the president's address disrupted by the Oppositon." Mr Shah said this referring to Congress protests in the well of the Lok Sabha during Modi's over-90-minute speech on Wednesday.
Rahul Gandhi's mindset is "undemocratic" and that is why the prime minister had to speak amid disruptions, he said. When Manmohan Singh was the prime minister, for over 10 years such a situation had never occurred, he said.
Mr Shah also touched on the Congress' attack on the government over the Rafale aircraft deal, saying Mr Jaitley in his speech had touched on its various aspects. "The broader details of the deal have been shared in Parliament. But every detail, including those about its weapons and their cost, cannot be made public," Ananth Kumar quoted Amit Shah as saying.
Review Prison Security, Deploy CRPF In Jails: Centre To Jammu And Kashmir Government
-
Taking serious note of the escape of a jailed Pakistani terrorist, the centre today asked the Jammu and Kashmir government to fully review security measures in place in jails and transportation of inmates.
The Union Home Ministry also asked the state government to ensure that no such incident takes place in future and deploy CRPF in prison security.
"The home ministry has taken serious note of the issue and has advised the state government to fully review security measures and take action to prevent such incidents in future," a senior home ministry official told PTI.
The move came following a high-level meeting which was convened after the escape of Pakistani terrorist Naveed Jatt, who was lodged in Srinagar central jail.
He fled from a hospital in the city after some terrorists shot and killed two policemen accompanying him.
Jatt was taken to the hospital for medical checkup.
The home ministry has asked the Jammu and Kashmir government to fix responsibility for lapses and also to examine why a high-security prisoner was sent to the OPD of a hospital.
The official said the state government has also issued instructions to immediately review security of hardened terrorists who are lodged in Srinagar central jail and they are expected to be moved out to Jammu, Uddhampur, Leh jails and kept in isolation.
There were 16 Pakistani prisoners still in Srinagar jail, of whom seven are being shifted to Jammu and discussions are on where to shift the others.
The state government has been asked to involve CRPF in all aspects of central jail security -- not only perimeter security but also inside the prison.
Another official said that the Jammu and Kashmir government has assured the central government of taking necessary steps and reviewing the entire jail security.
Consequently, the state government has transferred Director General of Prisons SK Mishra and appointed Dilbag Singh in his place.
The Srinagar jail superintendent has been suspended and a high-level enquiry by the divisional commissioner ordered, the official said.
The Union Home Ministry also asked the state government to ensure that no such incident takes place in future and deploy CRPF in prison security.
"The home ministry has taken serious note of the issue and has advised the state government to fully review security measures and take action to prevent such incidents in future," a senior home ministry official told PTI.
The move came following a high-level meeting which was convened after the escape of Pakistani terrorist Naveed Jatt, who was lodged in Srinagar central jail.
He fled from a hospital in the city after some terrorists shot and killed two policemen accompanying him.
Jatt was taken to the hospital for medical checkup.
The home ministry has asked the Jammu and Kashmir government to fix responsibility for lapses and also to examine why a high-security prisoner was sent to the OPD of a hospital.
The official said the state government has also issued instructions to immediately review security of hardened terrorists who are lodged in Srinagar central jail and they are expected to be moved out to Jammu, Uddhampur, Leh jails and kept in isolation.
There were 16 Pakistani prisoners still in Srinagar jail, of whom seven are being shifted to Jammu and discussions are on where to shift the others.
The state government has been asked to involve CRPF in all aspects of central jail security -- not only perimeter security but also inside the prison.
Another official said that the Jammu and Kashmir government has assured the central government of taking necessary steps and reviewing the entire jail security.
Consequently, the state government has transferred Director General of Prisons SK Mishra and appointed Dilbag Singh in his place.
The Srinagar jail superintendent has been suspended and a high-level enquiry by the divisional commissioner ordered, the official said.
India's Health Check-Up: Kerala On Top, UP Makes Short-Term Gains
-
Kerala tops the list when it comes to overall performance in the health sector and Uttar Pradesh is at the bottom but has made some annual incremental gains. These are some of the findings of the first-of-its-kind study done by the central government, the report of which was released today.
Developed by the Niti Aayog in consultation with the health ministry and with technical assistance from the World Bank, 'Healthy States, Progressive India' attempts at establishing an annual tool to measure and understand the complexity of the country's performance in health.
In the report, rankings have been done in three categories --- larger states, smaller states and union territories.
With a health index of 76.55 in the reference year (2015-16), Kerala ranks first. But it shows a steep decline when compared with its previous year's performance. In contrast, Uttar Pradesh that's at the bottom in the group of larger states ranks third in terms of annual incremental performance. Jharkhand is the biggest gainer in this category, followed by Jammu and Kashmir.
Among the smaller states, Mizoram ranks first followed by Manipur on overall performance. In terms of annual incremental performance, Manipur is on top followed by Goa and Meghalaya.
Lakshadweep is the top performer among union territories, both in terms of overall performance and annual incremental performance.
Calling the health sector a "neglected" area, Niti Aayog chief executive officer Amitabh Kant said, "Every state needs to improve. We need to improve the physical quality of life index, human development index and maternal and child mortality rates".
The report was released by Niti Aayog chief executive officer Amitabh Kant, health secretary Preeti Sudan and World Bank's India director Junaid Ahmad.
Developed by the Niti Aayog in consultation with the health ministry and with technical assistance from the World Bank, 'Healthy States, Progressive India' attempts at establishing an annual tool to measure and understand the complexity of the country's performance in health.
In the report, rankings have been done in three categories --- larger states, smaller states and union territories.
With a health index of 76.55 in the reference year (2015-16), Kerala ranks first. But it shows a steep decline when compared with its previous year's performance. In contrast, Uttar Pradesh that's at the bottom in the group of larger states ranks third in terms of annual incremental performance. Jharkhand is the biggest gainer in this category, followed by Jammu and Kashmir.
Among the smaller states, Mizoram ranks first followed by Manipur on overall performance. In terms of annual incremental performance, Manipur is on top followed by Goa and Meghalaya.
Lakshadweep is the top performer among union territories, both in terms of overall performance and annual incremental performance.
Calling the health sector a "neglected" area, Niti Aayog chief executive officer Amitabh Kant said, "Every state needs to improve. We need to improve the physical quality of life index, human development index and maternal and child mortality rates".
The report was released by Niti Aayog chief executive officer Amitabh Kant, health secretary Preeti Sudan and World Bank's India director Junaid Ahmad.
India Can Play Key Role In Middle East Peace Process: Palestine President Abbas
-
Ahead of Prime Minister Narendra Modi's historic Palestine visit, President Mahmoud Abbas said he will discuss with him India's role in the Middle East peace process and the creation of a multilateral forum of negotiations to strike a final deal with Israel.
PM Modi, the first Indian Prime Minister to visit Palestine, is reaching Ramallah tomorrow amid heightened tensions in the region after US President Donald Trump recognised Jerusalem as the capital of Israel.
The unilateral US decision to declare Jerusalem as the capital of Israel was challenged at the UN General Assembly where 128 nations, including India, voted to turn down the move as "null and void".
"We are receiving Prime Minister Modi in a historic visit that will demonstrate the strong ties and relations between the Palestinian people and the brotherly Indian people," President Abbas told PTI in an e-mail interview.
Though India has shied away from becoming a party in the Israel-Palestinian conflict, the Palestinian leader on several occasions has stressed on a possible role for New Delhi in the Middle East peace process.
"We will discuss the recent updates with Prime Minister Modi, and the recent developments in the peace process, the bilateral relations, and the regional situations. And the possible role India can play in enhancing peace in the region, as well as discussing different economical aspects beyond the existing ties we already possess," President Abbas said.
Describing India as a "very respected country in the international arena", the 82-year-old Palestinian President said that India can have a possible role in creating a multilateral forum of negotiations between the Palestinians and Israelis to reach a final agreement.
He said PM Modi's visit to the region reflects India's long-held position of supporting peace and stability in the region.
"We believe in the importance of a possible Indian role... to reach a final agreement based on international consensus and resolutions, in which India and other countries can be part of," President Abbas said.
"The long Indian position of supporting the two-state solution is well known. India has supported the Palestinian cause throughout the years of conflict, and we rely on the Indian support in order to reach the independence of the Palestinian State," he added.
As Palestine works to establish an international multilateral mechanism of negotiations, the Palestinian leader stated that "India can play a role in this".
"The relations between India and Palestine are historical...This visit will culminate the historic ties between the two brotherly people, and will help in increasing and strengthening these ties that we possess," he said.
PM Modi would be skipping Israel during his forthcoming tour of Middle East in a clear message that New Delhi is de-hyphenating its ties with the Jewish state and Palestine. PM Modi had visited Israel last year in July in a standalone visit that had led to many analysts questioning the future of the Indo-Palestine ties.
When asked about India's growing engagement with Israel, an unperturbed Abbas said that "any state has the right to establish relations with other countries".
"We believe in the importance of our relationship with the brotherly Indian State, the support of India to the Palestinian people, and the relationship we possess with the Indian people, will not be effected by India s relations with any other State," he emphasised.
"India has recognised the State of Palestine in 1988, and we cannot forget the last Indian vote in favour of Palestine's rights in Jerusalem in the United Nations General Assembly, and all the political stands that India has taken to support the Palestinian rights in the international arena," President Abbas said referring to India's vote at the UN.
India has consistently voted in favour of resolutions supporting the Palestinian cause at international forums, an issue that has bothered strategic partner Israel.
Israeli Prime Minister Benjamin Netanyahu recently said that he was "disappointed" at the Indian vote at the UN but also expressed hope that there will be a possible change of heart over a period of time.
Appreciating India's assistance in strengthening Palestinian economy through executing several projects in the Palestinian areas, President Abbas said that "he cannot forget" New Delhi's support and wishes to further discuss with PM Modi areas of cooperation in the economic sphere.
A number of MoUs are likely to be signed between the two sides during PM Modi's three-hour visit to Palestine under which India will provide funding for a number of projects in the fields of health, education, culture and women's empowerment.
"The Indian Government and its people have provided significant assistance and aid to the Palestinian people by establishing training centres, schools, and the necessary humanitarian aid to the Palestinian people under occupation in the West Bank and Gaza," President Abbas noted.
"And in 2016 we laid the foundation stone to establish the Palestine India Techno Park project in Ramallah, and we are also looking forward the establishment of the Institute of Diplomacy that is kindly funded by the Indian Government", he noted.
A lot of Palestinian diplomats have received training in India and hundreds of Palestinians have availed scholarships to study at Indian institutions as part of New Delhi's effort towards capacity building in Palestine.
"We are working on promoting the economical relations through introducing businessmen and investors from both sides on the available opportunities in the sectors of tourism, technological exchange in many areas, including industrial, agricultural, and information systems, and on the other hand, signing government agreements to support businessmen and protect their investments," he said.
PM Modi, the first Indian Prime Minister to visit Palestine, is reaching Ramallah tomorrow amid heightened tensions in the region after US President Donald Trump recognised Jerusalem as the capital of Israel.
The unilateral US decision to declare Jerusalem as the capital of Israel was challenged at the UN General Assembly where 128 nations, including India, voted to turn down the move as "null and void".
"We are receiving Prime Minister Modi in a historic visit that will demonstrate the strong ties and relations between the Palestinian people and the brotherly Indian people," President Abbas told PTI in an e-mail interview.
Though India has shied away from becoming a party in the Israel-Palestinian conflict, the Palestinian leader on several occasions has stressed on a possible role for New Delhi in the Middle East peace process.
"We will discuss the recent updates with Prime Minister Modi, and the recent developments in the peace process, the bilateral relations, and the regional situations. And the possible role India can play in enhancing peace in the region, as well as discussing different economical aspects beyond the existing ties we already possess," President Abbas said.
Describing India as a "very respected country in the international arena", the 82-year-old Palestinian President said that India can have a possible role in creating a multilateral forum of negotiations between the Palestinians and Israelis to reach a final agreement.
He said PM Modi's visit to the region reflects India's long-held position of supporting peace and stability in the region.
"We believe in the importance of a possible Indian role... to reach a final agreement based on international consensus and resolutions, in which India and other countries can be part of," President Abbas said.
"The long Indian position of supporting the two-state solution is well known. India has supported the Palestinian cause throughout the years of conflict, and we rely on the Indian support in order to reach the independence of the Palestinian State," he added.
As Palestine works to establish an international multilateral mechanism of negotiations, the Palestinian leader stated that "India can play a role in this".
"The relations between India and Palestine are historical...This visit will culminate the historic ties between the two brotherly people, and will help in increasing and strengthening these ties that we possess," he said.
PM Modi would be skipping Israel during his forthcoming tour of Middle East in a clear message that New Delhi is de-hyphenating its ties with the Jewish state and Palestine. PM Modi had visited Israel last year in July in a standalone visit that had led to many analysts questioning the future of the Indo-Palestine ties.
When asked about India's growing engagement with Israel, an unperturbed Abbas said that "any state has the right to establish relations with other countries".
"We believe in the importance of our relationship with the brotherly Indian State, the support of India to the Palestinian people, and the relationship we possess with the Indian people, will not be effected by India s relations with any other State," he emphasised.
"India has recognised the State of Palestine in 1988, and we cannot forget the last Indian vote in favour of Palestine's rights in Jerusalem in the United Nations General Assembly, and all the political stands that India has taken to support the Palestinian rights in the international arena," President Abbas said referring to India's vote at the UN.
India has consistently voted in favour of resolutions supporting the Palestinian cause at international forums, an issue that has bothered strategic partner Israel.
Israeli Prime Minister Benjamin Netanyahu recently said that he was "disappointed" at the Indian vote at the UN but also expressed hope that there will be a possible change of heart over a period of time.
Appreciating India's assistance in strengthening Palestinian economy through executing several projects in the Palestinian areas, President Abbas said that "he cannot forget" New Delhi's support and wishes to further discuss with PM Modi areas of cooperation in the economic sphere.
A number of MoUs are likely to be signed between the two sides during PM Modi's three-hour visit to Palestine under which India will provide funding for a number of projects in the fields of health, education, culture and women's empowerment.
"The Indian Government and its people have provided significant assistance and aid to the Palestinian people by establishing training centres, schools, and the necessary humanitarian aid to the Palestinian people under occupation in the West Bank and Gaza," President Abbas noted.
"And in 2016 we laid the foundation stone to establish the Palestine India Techno Park project in Ramallah, and we are also looking forward the establishment of the Institute of Diplomacy that is kindly funded by the Indian Government", he noted.
A lot of Palestinian diplomats have received training in India and hundreds of Palestinians have availed scholarships to study at Indian institutions as part of New Delhi's effort towards capacity building in Palestine.
"We are working on promoting the economical relations through introducing businessmen and investors from both sides on the available opportunities in the sectors of tourism, technological exchange in many areas, including industrial, agricultural, and information systems, and on the other hand, signing government agreements to support businessmen and protect their investments," he said.
Supreme Court Tells Centre, States To Implement Juvenile Justice Act, Set Up Child-Friendly Courts
-
The Supreme Court today passed a slew of directions for effective implementation of the Juvenile Justice Act and asked the centre and states to ensure that all positions in national and state commissions for the protection of child rights are filled up.
A bench of Justices Madan B Lokur and Deepak Gupta also directed the states to ensure that all positions in juvenile justice boards and Child Welfare Committees are filled up expeditiously and in accordance with rules.
Any delay in filling up the positions might adversely impact children and should be avoided, the bench said.
The top court also requested the chief justices of all high courts to register proceedings on their own for effective implementation of the Juvenile Justice (Care and Protection of Children) Act, 2015.
It asked all the high courts to seriously consider establishing child-friendly courts and vulnerable witness courts in each district.
"The Ministry of Women and Child Development in the Government of India and the State Governments should ensure that all positions in the National Commission for Protection of Child Rights (NCPCR) and the State Commissions for Protection of Child Rights (SCPR) are filled up well in time and adequate staff is provided to these statutory bodies so that they can function effectively and meaningfully for the benefit of the children," the bench said.
The top court's judgement came on a Public Interest Litigation seeking implementation of the Juvenile Justice Act and its rules. The petition has raised the issue of alleged apathy by the governments in implementing the welfare measure.
A bench of Justices Madan B Lokur and Deepak Gupta also directed the states to ensure that all positions in juvenile justice boards and Child Welfare Committees are filled up expeditiously and in accordance with rules.
Any delay in filling up the positions might adversely impact children and should be avoided, the bench said.
The top court also requested the chief justices of all high courts to register proceedings on their own for effective implementation of the Juvenile Justice (Care and Protection of Children) Act, 2015.
It asked all the high courts to seriously consider establishing child-friendly courts and vulnerable witness courts in each district.
"The Ministry of Women and Child Development in the Government of India and the State Governments should ensure that all positions in the National Commission for Protection of Child Rights (NCPCR) and the State Commissions for Protection of Child Rights (SCPR) are filled up well in time and adequate staff is provided to these statutory bodies so that they can function effectively and meaningfully for the benefit of the children," the bench said.
The top court's judgement came on a Public Interest Litigation seeking implementation of the Juvenile Justice Act and its rules. The petition has raised the issue of alleged apathy by the governments in implementing the welfare measure.
Business Affairs
SBI posts Rs 2416 crore net loss in Q3FY18 as NPAs grow
-
The State Bank of India today reported a massive Rs 2416.37 crore net loss for the December quarter of current fiscal as its bad loans and provisions spiked.
It had, in contrast, reported net profit of Rs 2,610 crore for the October-December quarter of the last fiscal, 2016-17.
The nation's largest lender saw its net bad loans ratio spiking to 5.61 per cent of advances, from 4.24 per cent during the third quarter of 2017-18.
The gross dud assets ratio jumped meanwhile from 7.23 per cent to cross the double digits mark at 10.35 per cent during the quarter under review.
In absolute or gross terms, the bank at the standalone level had Rs 1,99,141.43 crore of its assets as non- performing, up from Rs 1,08,172.32 crore in the comparable period in 2016.
Similarly, its net non-performing assets almost doubled to Rs 102,370.12 crore, up from Rs 61,430.45 crore, State Bank of India said in an exchange filing.
The bank saw its non-interest income decline by 29.75 per cent, from Rs 11,507 crore to Rs 8,084 crore, as net interest income plunged due to mark-to-market losses from its treasury operations.
Similarly, non-fee income fell 18.38 per cent from Rs 14,401 crore to Rs 11,755 crore.
Fee income rose from Rs 4,710 crore to Rs 4,979 crore -- a growth of 5.71 per cent.
It had, in contrast, reported net profit of Rs 2,610 crore for the October-December quarter of the last fiscal, 2016-17.
The nation's largest lender saw its net bad loans ratio spiking to 5.61 per cent of advances, from 4.24 per cent during the third quarter of 2017-18.
The gross dud assets ratio jumped meanwhile from 7.23 per cent to cross the double digits mark at 10.35 per cent during the quarter under review.
In absolute or gross terms, the bank at the standalone level had Rs 1,99,141.43 crore of its assets as non- performing, up from Rs 1,08,172.32 crore in the comparable period in 2016.
Similarly, its net non-performing assets almost doubled to Rs 102,370.12 crore, up from Rs 61,430.45 crore, State Bank of India said in an exchange filing.
The bank saw its non-interest income decline by 29.75 per cent, from Rs 11,507 crore to Rs 8,084 crore, as net interest income plunged due to mark-to-market losses from its treasury operations.
Similarly, non-fee income fell 18.38 per cent from Rs 14,401 crore to Rs 11,755 crore.
Fee income rose from Rs 4,710 crore to Rs 4,979 crore -- a growth of 5.71 per cent.
Tata Steel Q3 profit takes 5-fold jump to Rs 1,136 crore
-
Tata Steel Limited announced its results for the quarter ended December 31 at Rs 1,136 crore against Rs 232 crore in the previous year quarter. The company achieved consolidated quarterly revenue of Rs 33,447 crore, which is up by 15 per cent on YoY bases while 3 per cent on the QoQ basis. The company said its gross debt decreased by Rs 1,658 crore over Q2 FY18 at Rs 88,601 crore, mainly due to repayments and positive forex impact.
In a statement, the company said its crude steel production grew 4 per cent than the previous year quarter to 3.27 million tonnes, while deliveries grew by 10 per cent on YoY basis to 3.30 million tonnes, which is higher than the steel consumption growth in India.
Higher deliveries and improved realizations boosted the revenues during the quarter (net off the impact of excise) by 22 per cent on the YoY basis while 10 per cent on QoQ.
The automotive segment sales increased by 25 per cent (QoQ) and 34 per cent (YoY). Branded products, retail and solutions segment sales grew 8 per cent (QoQ) and 11 per cent (YoY). Deliveries in the industrial products, projects and exports segment grew 4 per cent (QoQ) and 7 per cent (YoY). The company's engineering sub-segment registered double growth on YoY basis.
The company's European operations saw the liquid steel production of 2.67 million tonnes (1 per cent up on YoY), in 3QFY18, while its Southeast Asian operations grew 26 per cent on YoY.
TV Narendran, CEO and Managing Director of Tata Steel, said: "Globally steel prices have been buoyant with improved trade position in China with cost push from raw materials. Our focus on India continues as we look to expand our Kalinganagar site as well as pursue inorganic growth opportunities."
Koushik Chatterjee, executive director and CFO of the company, said Tata Steel revenue had witnessed a robust growth due to improved volumes in India and stronger global realisations. "We are focusing on raising capital and optimising financing flexibility, for which the company has refinanced debt by raising $1.3 billion in the international debt capital markets through a dual tranche bond issuance."
Tata Steel has approved a 5 MTPA expansion at Tata Steel's Kalinganagar plant, whose total cost is estimated as Rs 23,500 crore. The company board has also approved a rights issue of equity shares for Rs 12,800 crore, which will be used for deleveraging and general corporate purposes.
In a statement, the company said its crude steel production grew 4 per cent than the previous year quarter to 3.27 million tonnes, while deliveries grew by 10 per cent on YoY basis to 3.30 million tonnes, which is higher than the steel consumption growth in India.
Higher deliveries and improved realizations boosted the revenues during the quarter (net off the impact of excise) by 22 per cent on the YoY basis while 10 per cent on QoQ.
The automotive segment sales increased by 25 per cent (QoQ) and 34 per cent (YoY). Branded products, retail and solutions segment sales grew 8 per cent (QoQ) and 11 per cent (YoY). Deliveries in the industrial products, projects and exports segment grew 4 per cent (QoQ) and 7 per cent (YoY). The company's engineering sub-segment registered double growth on YoY basis.
The company's European operations saw the liquid steel production of 2.67 million tonnes (1 per cent up on YoY), in 3QFY18, while its Southeast Asian operations grew 26 per cent on YoY.
TV Narendran, CEO and Managing Director of Tata Steel, said: "Globally steel prices have been buoyant with improved trade position in China with cost push from raw materials. Our focus on India continues as we look to expand our Kalinganagar site as well as pursue inorganic growth opportunities."
Koushik Chatterjee, executive director and CFO of the company, said Tata Steel revenue had witnessed a robust growth due to improved volumes in India and stronger global realisations. "We are focusing on raising capital and optimising financing flexibility, for which the company has refinanced debt by raising $1.3 billion in the international debt capital markets through a dual tranche bond issuance."
Tata Steel has approved a 5 MTPA expansion at Tata Steel's Kalinganagar plant, whose total cost is estimated as Rs 23,500 crore. The company board has also approved a rights issue of equity shares for Rs 12,800 crore, which will be used for deleveraging and general corporate purposes.
Stocks of these sectors have been most badly affected since Budget 2018
-
Markets continue to remain volatile after rising US government bond yields triggered global sell off. BSE Sensex has lost over 2040 points since the budget day. The markets have reacted negatively to the introduction of long term capital gains tax in Union Budget 2018. The impact is visible across all market sectors with all 19 BSE Sectoral indices declining since the budget day opening. Let us look at the sectors that have been hit the most:
Capital goods: BSE Capital goods index lost over 7 per cent since the budget day opening due to increase in customs duty which will affect the imports of capital goods industries. The index market cap went down from Rs 5.72 lakh crores to Rs 5.41 lakh crores between 31 January 2018 and 9 February 2018, eroding over Rs 30000 crores of investors wealth. 24 of the 26 stocks of the Capital goods index declined between 1 February 2018 (opening) and 8 February 2018. The biggest three losers are Reliance Naval Engineering(-18.7 per cent), BEML (-14.9 per cent) and Graphite India (-11.3 per cent).
Banks: BSE Bankex lost 6.7 per cent. Lack of adequate incentives to the banking sector in the Union Budget led to the selloff. Looking at the market cap of BSE Bankex, the investors wealth worth Rs 1.15 lakh crores was eroded between 31 January 2018 and 9 February 2018. The biggest losers are Punjab National Bank (-8.1 per cent), HDFC Bank (-6.3 per cent) and The Federal Bank (-6.2 per cent) between 1 February 2018 (opening) and 8 February 2018.
Consumer durables: The index tanked over 5.8 per cent since the budget day opening and its market cap is eroded by Rs 11,282 crores. 8 out of the 10 stocks declined between budget day opening and 8 February 2018. The biggest loser is PC Jeweller that lost over 20% in the 6 trading days followed by Titan Industries (-7.97 per cent) and Symphony (-5.6 per cent). The two stocks that gained in the Index are Bajaj Electricals (4.5 per cent) and VIP Industries (3.4 per cent).
Energy: Although, budget has announced schemes for expanding electricity access and boosting demand but investors remain jittery due to uncertainties over the imposition of import duty, safeguard duty and anti dumping duty on the solar energy sector. BSE Energy Index lost 5.6 per cent since the budget day opening. 16 of the 25 stocks of BSE Energy sector declined since 1 Feb 2018. The biggest three losers are Jindal Drilling & Industries (-9.85 per cent), Chennai Petroleum Corporation (-9.72 per cent) and Aban Offshore (-9.6 per cent). Investors wealth as measured by the market cap of BSE Energy sector eroded by over Rs 83000 crores in last 7 trading days.
Realty: Market players in the realty sector were disappointed as the Finance Minister ignored sector demands on concessional GST, stamp duty regularisation and change in capital gain tax window on REIT. In addition, RBI's decision to hold rates further dampened sentiments in the realty sector. The BSE realty index declined by 5.3 per cent between budget day opening and 9 February 2018. Its market cap declined by over Rs 7100 crores since 31 January 2018. The biggest three losers are Unitech (-11.4 per cent), Oberoi Realty (-10.7 per cent) and Housing Development & Infrastructure(-10.2 per cent).
Capital goods: BSE Capital goods index lost over 7 per cent since the budget day opening due to increase in customs duty which will affect the imports of capital goods industries. The index market cap went down from Rs 5.72 lakh crores to Rs 5.41 lakh crores between 31 January 2018 and 9 February 2018, eroding over Rs 30000 crores of investors wealth. 24 of the 26 stocks of the Capital goods index declined between 1 February 2018 (opening) and 8 February 2018. The biggest three losers are Reliance Naval Engineering(-18.7 per cent), BEML (-14.9 per cent) and Graphite India (-11.3 per cent).
Banks: BSE Bankex lost 6.7 per cent. Lack of adequate incentives to the banking sector in the Union Budget led to the selloff. Looking at the market cap of BSE Bankex, the investors wealth worth Rs 1.15 lakh crores was eroded between 31 January 2018 and 9 February 2018. The biggest losers are Punjab National Bank (-8.1 per cent), HDFC Bank (-6.3 per cent) and The Federal Bank (-6.2 per cent) between 1 February 2018 (opening) and 8 February 2018.
Consumer durables: The index tanked over 5.8 per cent since the budget day opening and its market cap is eroded by Rs 11,282 crores. 8 out of the 10 stocks declined between budget day opening and 8 February 2018. The biggest loser is PC Jeweller that lost over 20% in the 6 trading days followed by Titan Industries (-7.97 per cent) and Symphony (-5.6 per cent). The two stocks that gained in the Index are Bajaj Electricals (4.5 per cent) and VIP Industries (3.4 per cent).
Energy: Although, budget has announced schemes for expanding electricity access and boosting demand but investors remain jittery due to uncertainties over the imposition of import duty, safeguard duty and anti dumping duty on the solar energy sector. BSE Energy Index lost 5.6 per cent since the budget day opening. 16 of the 25 stocks of BSE Energy sector declined since 1 Feb 2018. The biggest three losers are Jindal Drilling & Industries (-9.85 per cent), Chennai Petroleum Corporation (-9.72 per cent) and Aban Offshore (-9.6 per cent). Investors wealth as measured by the market cap of BSE Energy sector eroded by over Rs 83000 crores in last 7 trading days.
Realty: Market players in the realty sector were disappointed as the Finance Minister ignored sector demands on concessional GST, stamp duty regularisation and change in capital gain tax window on REIT. In addition, RBI's decision to hold rates further dampened sentiments in the realty sector. The BSE realty index declined by 5.3 per cent between budget day opening and 9 February 2018. Its market cap declined by over Rs 7100 crores since 31 January 2018. The biggest three losers are Unitech (-11.4 per cent), Oberoi Realty (-10.7 per cent) and Housing Development & Infrastructure(-10.2 per cent).
CSR: Cos spend Rs 4,719 crrore in first 8 months of this fiscal
-
Companies shelled out Rs 4,719 crore towards CSR activities in the first eight months of the current fiscal, with private sector entities accounting for major chunk of the expenditure, according to the government.
Under the Companies Act, 2013, certain class of profitable entities are required to spend at least two per cent of their three-year average annual net profit towards CSR activities.
Based on filings made by companies in the MCA21 registry, the total CSR spending stood at Rs 4,719 crore till November 30 of current financial year, according to a written reply given in the Lok Sabha by Minister of State for Corporate Affairs P P Chaudhary.
Out of that amount, Rs 3,393.17 crore was spent by private sector companies while Rs 1,325.83 crore came from public sector undertakings.
In 2015-16, the Corporate Social Responsibility (CSR) expenditure was Rs 13,827.86 crore, higher than Rs 9,564.77 crore recorded in 2014-15.
Responding to a query, the minister said the board of the company is empowered to select programmes, projects, activities to be undertaken under CSR.
"Ministry of Corporate Affairs has no role to play in this regard," he added.
Under the Companies Act, 2013, certain class of profitable entities are required to spend at least two per cent of their three-year average annual net profit towards CSR activities.
Based on filings made by companies in the MCA21 registry, the total CSR spending stood at Rs 4,719 crore till November 30 of current financial year, according to a written reply given in the Lok Sabha by Minister of State for Corporate Affairs P P Chaudhary.
Out of that amount, Rs 3,393.17 crore was spent by private sector companies while Rs 1,325.83 crore came from public sector undertakings.
In 2015-16, the Corporate Social Responsibility (CSR) expenditure was Rs 13,827.86 crore, higher than Rs 9,564.77 crore recorded in 2014-15.
Responding to a query, the minister said the board of the company is empowered to select programmes, projects, activities to be undertaken under CSR.
"Ministry of Corporate Affairs has no role to play in this regard," he added.
Glenmark Pharma shares plunge nearly 10 per cent after Rs 104 crore loss in Q3
-
A day after Glenmark Pharma reported 78 per cent fall in net profit for the third quarter, the stock of the drug major dropped nearly 10 per cent to its 52-week low of Rs 524.20 on the Bombay Stock Exchange. on NSE, shares of Glenmark plunged 9.59 per cent to hit a one-year low of Rs 524. However, the stock recovered nearly 3 per cent to 537, still over 7 per cent lower as of 1:30 pm.
On Thursday, Glenmark Pharmaceuticals reported Rs 104.7 crore loss in December quarter on sharp decline in US sales. The company had reported a net profit of Rs 477.10 crore in the corresponding quarter of the previous year. Glenmark's consolidated revenue also declined by 13.07 per cent to Rs 2,203.66 crore for the third quarter, against Rs 2,535 crore a year ago.
Commenting on the results, Glenmark Pharma chairman Glenn Saldanha in a statement said: "The overall performance was driven by our India, Europe, ROW and API business. The US business continues to be very challenging. The India business rebounded and has shown good sales growth due to improvement in the overall demand environment."
Glenmark's revenues from US market declined by 40.21 per cent at Rs 735.8 crore in Q3 as against Rs 1,230 crore in the corresponding quarter last year. The revenue from Latin American market also declined by 5.15 per cent at Rs 89.8 crore from Rs 94.7 crore in the previous year's third quarter. However, sales for the formulation business in India witnessed 11.92 per cent jump in revenues at Rs 578.5 crore for the third quarter from Rs 516.8 crore in the corresponding period last year, the statement said.
Glenmark Europe's operations revenue for December quarter, was at Rs 2,24.75 crore as against Rs 1,95.70 crore, recording a growth of 14.84 per cent.
On Thursday, Glenmark Pharmaceuticals reported Rs 104.7 crore loss in December quarter on sharp decline in US sales. The company had reported a net profit of Rs 477.10 crore in the corresponding quarter of the previous year. Glenmark's consolidated revenue also declined by 13.07 per cent to Rs 2,203.66 crore for the third quarter, against Rs 2,535 crore a year ago.
Commenting on the results, Glenmark Pharma chairman Glenn Saldanha in a statement said: "The overall performance was driven by our India, Europe, ROW and API business. The US business continues to be very challenging. The India business rebounded and has shown good sales growth due to improvement in the overall demand environment."
Glenmark's revenues from US market declined by 40.21 per cent at Rs 735.8 crore in Q3 as against Rs 1,230 crore in the corresponding quarter last year. The revenue from Latin American market also declined by 5.15 per cent at Rs 89.8 crore from Rs 94.7 crore in the previous year's third quarter. However, sales for the formulation business in India witnessed 11.92 per cent jump in revenues at Rs 578.5 crore for the third quarter from Rs 516.8 crore in the corresponding period last year, the statement said.
Glenmark Europe's operations revenue for December quarter, was at Rs 2,24.75 crore as against Rs 1,95.70 crore, recording a growth of 14.84 per cent.
General Awareness
Indian culture will cover the salient aspects of Art Forms, Literature and Architecture from ancient to modern times.
-
Context: China has confirmed restarting of the Kailash Mansarovar Yatra through the Nathu La pass.
Kailash Manasarovar Yatra:
Kailash Mansarovar Yatra (KMY) is known for its religious importance, cultural significance and arduous nature. The annual pilgrimage holds religious importance for Hindus, Jains and Buddhists. The Yatra is organized by the government of India in close cooperation with the Government of the People’s Republic of China. State Governments of Uttarakhand, Sikkim and Delhi, and Indo-Tibetan Border Police (ITBP) and Kumaon Mandal Vikas Nigam Limited (KMVN) are other major Indian partners of the Ministry in organizing the Yatra.
Facts for Prelims:
Mansarovar Lake is located at an altitude of 14,950 ft (4,558 m) is said to be the highest freshwater lake in the world. It is located in the Tibet Autonomous Region, China, 940 kilometres from Lhasa. To the west of it is Lake Rakshastal and to the north is Mount Kailash.
Nathu La is a mountain pass in the Himalayas. It connects the Indian state of Sikkim with China’s Tibet Autonomous Region. It is also one of the four officially agreed BPM (Border Personnel Meeting) points between the Indian Army and People’s Liberation Army of China for regular consultations and interactions between the two armies, which helps in defusing stand-offs.
The four BPM are: Chushul in Ladakh, Nathu La in Sikkim, Bum La Pass in Tawang district of Arunachal Pradesh, and Lipulekh Pass in Uttarakhand.
Kailash Manasarovar Yatra:
Kailash Mansarovar Yatra (KMY) is known for its religious importance, cultural significance and arduous nature. The annual pilgrimage holds religious importance for Hindus, Jains and Buddhists. The Yatra is organized by the government of India in close cooperation with the Government of the People’s Republic of China. State Governments of Uttarakhand, Sikkim and Delhi, and Indo-Tibetan Border Police (ITBP) and Kumaon Mandal Vikas Nigam Limited (KMVN) are other major Indian partners of the Ministry in organizing the Yatra.
Facts for Prelims:
Mansarovar Lake is located at an altitude of 14,950 ft (4,558 m) is said to be the highest freshwater lake in the world. It is located in the Tibet Autonomous Region, China, 940 kilometres from Lhasa. To the west of it is Lake Rakshastal and to the north is Mount Kailash.
Nathu La is a mountain pass in the Himalayas. It connects the Indian state of Sikkim with China’s Tibet Autonomous Region. It is also one of the four officially agreed BPM (Border Personnel Meeting) points between the Indian Army and People’s Liberation Army of China for regular consultations and interactions between the two armies, which helps in defusing stand-offs.
The four BPM are: Chushul in Ladakh, Nathu La in Sikkim, Bum La Pass in Tawang district of Arunachal Pradesh, and Lipulekh Pass in Uttarakhand.
No comments:
Post a Comment