PM Modi to visit Karnataka today inaugurate projects worth over Rs 10,800 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Narendra Modi will be in poll-bound Karnataka’s northern districts of Yadgiri and Kalaburagi today to lay foundation stone and inaugurate projects worth more than Rs 10,800 crores.

This will be the second such visit by the Prime Minister to Karnataka this month. He was in Hubballi on January 12 to inaugurate the National Youth Festival, during which he had held a massive road show.

According to an official release, at around 12 noon, in Kodekal, Yadgiri district, the prime minister will lay the foundation stone and inaugurate various developmental projects related to irrigation, drinking water besides a National Highway development project.

Later, at around 2:15 pm, Modi will reach Malkhed, Kalaburagi District, where he will distribute title deeds (hakku patra) to the eligible beneficiaries of newly declared revenue villages and also lay the foundation stone for a National Highway project.

The visit also gains significance, as the ruling Bharatiya Janata Party prepares for assembly polls in Karnataka and has set a target of winning a minimum of 150 out of total 224 seats which will go for polls by May.

Aimed at providing safe and adequate drinking water through individual household tap connections to all households, Modi will lay the foundation stone for Yadgir multi-village drinking water supply scheme under Jal Jeevan Mission at Kodekal in Yadgiri District, also a Water Treatment Plant of 117 MLD will be built under the scheme.

The project, which costs more than Rs 2,050 crore, will provide potable water to about 2.3 lakh households of more than 700 rural habitations and three towns of Yadgiri district.

Also Read: Mumbai Metro among Rs 38,000 crore infra projects to be inaugurated by PM Modi today

During the programme, the prime minister will also inaugurate Narayanpur Left Bank Canal – Extension Renovation and Modernisation Project (NLBC – ERM).

The project, with a canal carrying capacity of 10,000 cusecs, can irrigate 4.5 lakh hectares of command area. It will benefit more than three lakh farmers in 560 villages of Kalaburgi, Yadagir and Vijaypur districts. The total cost of the project is about Rs 4,700 crores.

Later, he will also lay the foundation stone of the 65.5 km section of NH-150C. This 6-lane Greenfield Road project is part of the Surat-Chennai Expressway. It is being built at a cost of about Rs 2,000 crore.

Further pointing out that about 1,475 unrecorded habitations have been declared as New Revenue villages in five districts of Kalaburagi, Yadgiri, Raichur, Bidar and Vijayapura, the release said, at Malkhed village of Sedam Taluka of Kalaburagi district, the Prime Minister will distribute title deeds (hakku patra) to the eligible beneficiaries of these newly declared revenue villages.

The issuance of title deeds to more than 50,000 beneficiaries, who are largely from the marginalised and vulnerable communities from the SC, ST and OBC, is a step to provide a formal recognition from the government for their land, and will make them eligible for receiving government services like drinking water, electricity, roads etc.

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During the programme, the Prime Minister will also lay the foundation stone of the 71 km section of NH-150C. This 6 lane Greenfield Road project is also part of the Surat-Chennai Expressway. It is being built at a cost of more than Rs 2,100 crore.

The Surat-Chennai Expressway will pass through six states- Gujarat, Maharashtra, Karnataka, Telangana, Andhra Pradesh, and Tamil Nadu. It will reduce the existing route from 1,600 Kms to 1,270 Kms.

The prime minister, after finishing with his engagements in Karnataka, will leave for Mumbai.

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Shree Pushkar Chemicals shares drop after chemicals, fertilisers volume declines in Q3

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Shree Pushkar” isinid=”INE712K01011″ bseid=”539334″ nseid=”SHREEPUSHK” sector=”Chemicals” exchange=”nse”]

Shares of Shree Pushkar Chemicals and Fertilisers Ltd. plunged as much as 7.5 percent in early trade on Wednesday after the company’s earnings for the December quarter disappointed investors.

Although the company managed to post a slight increase in revenue, sales volume and profit were hit sharply in the December quarter.

Shree Pushkar said that consolidated revenue rose 12 percent to Rs 153.7 crore in the December quarter compared to Rs 137.3 crore in the year-ago quarter. The company’s total sales volume fell 11 percent to 44,908 MT from 50,734 MT a year ago.

EBITDA fell 33.5 percent to Rs 13.1 crore in the December quarter from Rs 19.7 crore in the year-ago quarter. EBITDA margins were down 500 bps to 9 percent from 14 percent in the same period a year ago.

Shree Pushkar’s profit before tax (PBT) declined nearly 41 percent to Rs 10.2 crore in the December quarter from Rs 17.2 crore in the year-ago period. PBT margins were down by 590 bps to 6.6 percent from 12.5 percent a year ago.

After the earnings announcement, the Shree Pushkar stock hit an intra-day low of Rs 176.30 apiece compared to its previous close of Rs 190.55. Notably, Shree Pushkar shares have fallen over 25 percent in the past year compared to a flat Nifty 50 index that has remained broadly unchanged during this period.

In its investor presentation, Shree Pushkar highlighted that the company undertook a total planned capital expenditure of Rs 175 crore during the December quarter that was funded through internal accruals.

The company, which is mainly engaged in the business of manufacturing and trading chemicals, dyes and dyes intermediates, cattle feeds, fertilisers, and soil conditioners said that sufficient cash was generated over the years to fund the capex requirements and growth of the business.

Shares of Shree Pushkar Chemicals & Fertilisers Ltd, are trading 6.54 percent lower at Rs 178.70.

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Tata Steel is the biggest beneficiary of demand upcycle in China: CLSA

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tata Steel stock gained over 2 percent on Wednesday after global brokerage firm CLSA upgraded its rating on the steelmaker from ‘sell’ to ‘outperform’ with a target price of Rs 135 per share. CLSA believes Tata Steel is the biggest beneficiary of a demand-driven upcycle in China. It also said that the visibility on Kalinganagar expansion and Europe profitability is key.

Earlier on Tuesday, TV Narendran, CEO and managing director of Tata Steel, told Moneycontrol that the third quarter was the toughest for the European steel market, but is now witnessing signs of improvement.

CLSA pointed out that while domestic demand is resilient, large steel capacity additions could keep dependence on exports high. It expects steel prices to rise in the near term (in line with or at a discount to import parity) before softening in the following quarters.

Also Read: Tata Steel’s India business drives delivery growth, Europe weak but sees 5% QoQ jump

Narendran noted that steel prices are going up in Southeast Asia to at least $70 to $80 while domestic prices in China are up $100. “In Europe, price increases have been sought. But in Europe, the fundamentals are still a bit weak,” he said.

He added that steel prices have been going up in India for the last couple of weeks, which is partly driven by demand as the January to June period is typically the peak season for steel consumption.

Also Read: Emotional connect between employees and organization very high at Tata Steel, says TV Narendran

Steel companies have pretty much reached the bottom as far as prices are concerned. “Over the last month, steel prices both in flat and long products have gone up around Rs 3,000-5,000, but it’s still at levels which are much lower than what we saw one year back,” said Narendran.

Meanwhile, CLSA, in its note, said China reopening was faster than expected after Beijing changed zero-COVID policy to zero-control. This fuelled expectations of a faster demand recovery for metals, although on ground demand still remains lack-lustre, it said.

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Air India pee-gate: Whiff of instigation, contradictory versions emerge

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A four-page report written by the crew of the Air India flight in which a passenger allegedly urinated on another casts a radically different light on the matter. It suggests the complainant may have been instigated by a co-passenger and that her subsequent behaviour cast doubt about her “intent and integrity”.

A 72-year-old lady flying business class on Air India’s NYC-Delhi flight AI 102 on November 26, 2022, had said that an inebriated fellow passenger had come up to her seat and urinated on her.

The crew report on the incident, which was obtained by Moneycontrol, shines a light on two key aspects:

1) Potential instigation by co-passenger S Bhattacharjee, who was seated on 8A, in front of the complainant (on 9A), and next to Shankar Mishra, the accused person (8C). Bhattacharjee had requested an upgrade to first-class on boarding the flight but was turned down.

2) A statement of the passenger on 9C, right next to the complainant, which ran contrary to the statement made by the complainant.

The crew’s report

According to the report, this is how things broadly panned out:

The complainant came to the galley and said her clothes were wet because another passenger had urinated on her and that she required cleaning. She proceeded to take off her clothes in the galley itself.

She was given towels, Savlon (an antiseptic), slippers, and socks, and requested to change in the toilet. The crew helped her change into the nightwear provided by the airline. The crew cleaned and sanitised her seat, the area around, her shoes, and the bags of the 9A and 9C guests.

She demanded that her shoes be dry-cleaned, but was told that there wasn’t any dry-cleaning facility on board, according to the report.

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She also said she wanted Air India to compensate her for her soiled belongings and was contemplating filing a police complaint. The complainant said that on landing, Bhattacharjee would arrange for a reporter to call her, said the report.

The crew, in their report, said they promised to extend all possible assistance to her and said there would be a wheelchair for her on landing.

Although she didn’t ask for her seat to be changed, she was moved from 9A and settled in 12C, given a blanket and pillows. She thanked the crew for their help and then fell asleep.

Later, the accused person met the complainant and apologised, according to the report. They worked out a compromise and he promised to get her things dry cleaned and delivered to her, and also agreed to pay a compensation of $200.

Subsequent parts of the cabin crew report throw up instances that again contest the complainant’s version of the incident and what happened later.

1) A couple of hours before landing, the complainant said the crew hadn’t cleaned her shoes and bags properly and they hadn’t attended to her promptly. This was after she had praised the crew for all their help.

This change of stance happened immediately after she “interacted with guest 8A,” namely Bhattacharjee. Earlier, while boarding, Bhattacharjee had asked for an upgrade to first class. He was told that it was against the airline’s policy to provide in-flight upgrades.

As soon as Bhattacharjee became aware of the incident, he refused to sit next to the accused (8C) and again demanded an upgrade for himself and for the complainant. It’s pertinent to note that the complainant never asked for an upgrade herself and was already asleep in her new seat by this time.

Bhattacharjee stated, “All the allegations made in the Air India internal report are baseless, I did not ask for an upgrade, I submitted a written complaint by myself to the crew before landing ( I have a copy), and I stood for the right reasons to help an elderly lady in distress.”

2) The passenger in 9C, the seat right next to the complainant’s seat, provided a statement that contradicted what the complainant said “later on”, according to the crew report. Moneycontrol could not independently verify this statement.

3) Although the complainant was provided with a wheelchair on priority on arrival when the crew met her in the customs hall, she complained that she wasn’t given a wheelchair on landing.

When a crew member said that she had seen the complainant sitting on a wheelchair, the complainant changed her stance and said she had left the wheelchair as she was in a hurry.

4) The complainant then alleged that the accused person had gone back on his word about the compensation. The accused person arrived on the spot and the conversation between them reflected that she was not being honest as he showed her the proof of payment, according to the crew report.

Air India had no comment for this article.

Background

Based on the lady’s complaint, an FIR was lodged against Mishra, charging him under IPC sections 294 (obscene act in a public place), 354 and 509 (outraging a woman’s modesty), 509 (creating a nuisance in public while intoxicated), and 510 (drunken misconduct in public), and under section 23 of the Aircraft Rules (assault or intimidation aboard an aircraft).

Following the FIR, Air India put Mishra on its no-fly list for 30 days and suspended the entire crew for not attending to the complainant properly. Mishra was fired from his job. He was eventually arrested in Bengaluru and was remanded to 14 days of judicial custody.

Mishra’s lawyer, senior advocate Ramesh Gupta, told a Delhi court that Mishra couldn’t have committed the act because he couldn’t have accessed the complainant’s seat. He added that the lady may have soiled herself.

The author, Nickey Mirchandani, is Assistant Editor at Moneycontrol. She’s a presenter and a stock market enthusiast with over 12 years of experience.

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SBI probationary officer prelims results declared; here is how to check

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The State Bank of India (SBI) has announced the results of its SBI probationary officers (PO) preliminary examination. Candidates who had appeared for the exam can check their results on the official website. The results can be found on SBI’s official website – sbi.co.in. Candidates who have cleared the cut-off will be able to appear for the SBI PO Main Exam. The SBI PO Main Exam is slated to be conducted on January 30

 How to check SBI PO Prelims results

1. Visit the official website of the State Bank of India at sbi.co.in

2, Find the Careers tab and select it.

3. Click on the link for the SBI PO Prelims Exam Result 2022 on the next screen.

4. Enter your Roll Number or Registration Number along with your Date of Birth.

5. Write in the captcha code and log in.

6. Your results will be displayed on the next page.

7. Download the results for future use and reference

ALSO READ: SBI Probationary Officer Prelims Result 2022 to be declared soon: Here is how to check

The SBI PO Prelims 2022 were conducted between December 17-20. The exams would be used to select qualifying candidates who could appear for the SBI PO Main Exam. There are currently 1,673 vacancies for probationary officers in SBI across the country.

The SBI PO Main Exam or Phase II exam will consist of objective tests for 200 marks and a descriptive test for 50 marks. The descriptive test will be conducted immediately after the objective test and candidates will have to type their answers into a computer for the test.

The final part of the evaluation or Phase III is the Psychometric Test. This 50-mark test consists of group exercises and interviews. Candidates will need to separately qualify in both their Phase II and Phase III tests in order to be considered for the final merit list.

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Delhi Metro Magenta Line chaos spills over to Twitter as people post pictures of crowded coaches and station

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Services on a section of the Delhi Metro’s Magenta Line corridor have been delayed. the Delhi Metro Rail Corporation (DMRC) said on Wednesday. “Trains are running at a restricted speed between Kalindi Kunj and Okhla Bird Sanctuary on Magenta Line due to a case of attempted cable theft leading to damage of signalling cables,” the DMRC tweeted to alert commuters.

It said the restoration work will be possible only after operational hours and that metro services were “normal” on other lines. The DMRC has been tweeting to update the prevailing conditions on the Magenta line.

As the metro services were disrupted, many commuters took to Twitter to share the inconvenience they faced on account of the delay. A Twitter user shared an image taken inside a metro coach on the Magneta line and said “more than 50 mins delay in magenta line”. Another used tweeted a video that showed long queues at a metro station.

Madness at Magenta line #DelhiMetro.

Delayed trains and long rush. pic.twitter.com/vfCcTnB1ZL

— deepali desai (@desaideepali) January 18, 2023

Several other pictures showed people thronging metro stations on the Delhi metro’s Magenta Line as the delay persists.

@OfficialDMRC Metro is running late on Magenta Line. pic.twitter.com/Js36Xt6RSV

— Kashif Hussain کاشف حسین (@kashifgrd) January 18, 2023

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Ashok Leyland to supply 500 buses to Sri Lankan Transport Board

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Heavy commercial vehicle maker Ashok Leyland has bagged an order from the Sri Lankan Transport Board to supply 500 buses. Sri Lanka Transport Board is the state owned single largest bus transport provider with 110 depots throughout the island nation and operates buses in city routes, hilly and rural routes and also in long distance inter-city routes.

The Hinduja Group flagship company in a statement on Wednesday said, as part of the order secured from SLTB, it delivered 75 buses to the neighbouring country. The order was part of the Line of Credit extended by the Export Import Bank of India, under the Economic Assistance Scheme of the Indian government.

“More than 5,000 Ashok Leyland buses are currently in operation with Sri Lankan Transport Board and these new 32 seater buses are expected to be put into operation in rural routes throughout the island” Ashok Leyland president — International operations Amandeep Singh said.

“Ashok Leyland buses and trucks are also manufactured in Sri Lanka, and the brand ‘Lanka Ashok Leyland’ is well known among Sri Lankans for their daily transportation requirements,” he said.

“Ashok Leyland is proud of its long-standing partnership with the Sri Lankan government. We also thank the Government of India for assistance towards strengthening public transport infrastructure in Sri Lanka.” Sri Lankan Transport Board operates in diverse routes and conditions and the new Ashok Leyland buses would be best suited for roads in the rural routes.

Indian High Commissioner, Sri Lanka Gopal Baglay handed over the first set of buses to Sri Lanka Minister of Transport and Highways Affairs Bandula Gunawardana at an event in Colombo recently, the company said.

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HDFC Life seeks IRDAI’s nod to enter health insurance market — may focus on critical illness products post approval

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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HDFC Life Insurance has applied to Insurance Regulatory Authority of India (IRDAI) for permission to enter the indemnity health insurance market, sources informed CNBC-TV18. Post IRDAI’s approval, the life insurance firm is likely to focus on critical illness products. Additionally, the company has written to the insurance regulator to allow them to distribute other financial products like mutual funds, loans and bank deposits.

Notably, the government has recently floated consultation paper on the issuance of composite insurance license. This would allow life insurers to enter general insurance market and vice versa. This proposal is likely to be taken up in Parliament this Budget session.

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If the amendment to Insurance Act is approved by Parliament, insurers will be able to distribute other financial products soon.

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The Department of Financial Services has also suggested allowing insurers to operate in multiple lines of business — general, life, and health — without having to seek separate licences from the regulator for each business, provided they meet the minimum capital requirements. This would require an amendment to the Insurance Act, 1938.

Currently, insurers need separate licences for life, general and standalone health insurance business.

Meanwhile, CNBC-TV18 has written to HDFC Life on its letter to IRDAI. The response from the company is awaited.

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PM Modi in Mumbai on January 19: Check traffic advisory and restrictions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Modi will visit Mumbai on January 19 to lay the foundation stone of various infrastructure projects and inaugurate two Metro lines – 2A, and 7. Traffic around BKC and other lines of the Metro will be affected.

PM Modi is also expected to make a few announcements ahead of the elections to the BMC, the country’s richest civic body.

PM Modi will inaugurate several civic projects and  lay the foundation stones for seven sewage treatment plants, a road concretisation project, lay the foundation stone for the redevelopment of three hospitals and redevelopment of the Chhatrapati Shivaji Maharaj Terminus at a function to be held on the MMRDA grounds in the Bandra Kurla Complex, an official release said.

Security has been beefed up as a large number of VIPs are expected to attend the BKC for the PM’s event, a Mumbai police official said.

Metro advisory

The Ghatkopar-Versova Metro Blue Line 1 will shut services for 1 hour 45 minutes during evening peak hours, as per the service update issued by Mumbai Metro. This will be done to facilitate the visit of the Prime Minister to Gundavli station of Red Line 7 along the Western Express Highway for the opening of two new corridors of Mumbai Metro.

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“We expect commuters to adjust travel timings. In addition to covering through publications, we will have social media coverage,  train and announcements at stations. Meticulous planning will ensure no chaos,” an official said as per a Mid Day report.

BKC offices were told to shut down early

PM Modi is also expected to address a public rally at the Bandra Kurla Complex (BKC), one of Mumbai’s busiest areas. The party workers are expected to gather at the ground by 1 pm on Thursday, and the Western Express Highway will be kept closed for security reasons.

The police have appealed to offices in BKC to allow their staff to leave offices early, starting 12 noon on the day of the event to avoid traffic issues and minimise the effect of all restrictions.

Prohibitory orders

Flying activities including the use of drones, paragliders, and remote-controlled micro-light aircraft will not be allowed from noon till midnight under the jurisdictions of four police stations, namely BKC, Andheri, Meghwadi, and Jogeshwari on Thursday, the Mumbai Police said in an order on Wednesday.

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After highest-ever quarterly store addition, Metro Brands has set this target for itself

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Metro Brands” isinid=”INE317I01021″ bseid=”543426″ nseid=”METROBRAND” sector=”Footwear” exchange=”nse”]

Metro Brands Ltd., one of India’s largest footwear and accessories retailer aims to achieve its store expansion target within the next three years. The company is looking to open 260 new stores in various formats by the end of financial year 2025.

This comes after the company opened a record 48 new stores during the December quarter. With this, the total number of Metro Brands stores now stands at 720. The figure is less than half of Bata’s overall store count of 1,956.

For the December quarter, Metro Brands reported revenue growth of 23.8 percent from last year to Rs 598.7 crore, while operating profit or EBITDA also grew in excess of 20 percent.

EBITDA margin for the quarter remained flat, declining 40 basis points to 34.3 percent. In an interaction with CNBC-TV18, Metro Brands’ Nishant Joseph said that the company has maintained its EBITDA margin guidance band between 30-35 percent. The company said that raw material prices peaked and were stable during the December quarter.

Net profit for the quarter grew only 11.2 percent, due to higher depreciation. The bottom-line growth was below the company’s 15-17 percent guidance band.

In the near term, Metro Brands plans to integrate its ecosystem to leverage cost and operations synergies, along with focusing on the liquidation of current excess inventory and improving the cash conversion cycle. It also looks forward to evaluating means to improve sales throughput at all existing sales channels.

The December quarter also saw Metro Brands report its highest-ever e-commerce sales at Rs 50 crore. With the field known for higher discounts to customers, Joseph said that the company is not in the e-commerce business to play the discount game.

Joseph further added that the company is comfortable with the 55-57 percent gross margin guidance, adding that they are aiming for same-store sales growth at inflation of plus 200-300 basis points. Gross Margin for the December quarter stood at 59.2 percent.

Shares of Metro brands are trading 2.7 percent higher at Rs 867.90.

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