Indigo Paints Q3 results: Net profit rises 30% YoY to Rs Rs 24.3 crore, revenue up 26.6% to Rs 265.4 crore

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

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Indigo Paints on Friday reported a 29.9 percent year-on-year (YoY) increase in net profit at Rs 24.3 crore for the third quarter ended December 31, 2021.

In the corresponding quarter last year, the company posted a net profit of Rs 18.7 crore. Total revenue for the quarter rose 26.6 percent YoY to Rs 265.4 crore from Rs 209.6 crore in the year-ago quarter despite the overhang of the Omicron wave.

At the operating level, EBITDA increased 22.2 percent to Rs 38.5 crore in Q3 FY22 over Rs 31.5 crore in Q3 FY21. EBITDA margin stood at 14.5 percent in Q3 FY22 as compared to 15 percent in Q3FY21. EBITDA is earnings before interest, tax, depreciation and amortization.

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The gross margins improved sequentially from 41.72 percent in Q2 FY22 to an industry-leading 42.89 percent in Q3 FY22. The company, in line with the brand-building strategy, had almost maintained the advertising spend at Rs 29.56 crore.

In line with the industry, Indigo Paints has also increased the product prices in the quarter under consideration to mitigate the sharp escalation in the price of raw materials.

Net revenue from operations for the nine months ended December 31, 2021, was Rs 617.60 crore as against Rs 469.06 crore in the corresponding period of the previous year representing an increase of 31.67 percent over 9M FY21.

Also Read: SAIL Q3 results: Net profit rises 3.8% YoY to Rs 1,525.5 crore, revenue surges 27.3%; misses estimates

EBIDTA (excluding other income) for the nine months ended December 31, 2021, was Rs 82.22 crore as against Rs 79.58 crore in the corresponding period of the previous year representing an increase of 3.32 percent.

Revenue from operations in the 9M FY22 has been higher at 31.67 percent over 9M FY21. Gross Margins during the period at 43.18 percent against 48.64 percent in the corresponding period of the previous year (97M FY21).

However, with prudent price increases, stabilizing raw materials and favourable product mix, the gross margins have improved on a sequential basis from 41.72 percent in Q2 FY22 to 42.89 percent in Q3 FY22.

Also Read: Nykaa Q3 Results: Net profit surges to Rs 29 crore; revenue increases 24% to Rs 1,098 crore

The results came after the close of the market hours. Shares of Indigo Paints ended at Rs 1,926.00, down by Rs 10.20, or 0.53 percent on the BSE.

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UP elections: BJP’s flag flying high after 1st phase of polling, rivals depressed, says PM Modi at Kasganj rally

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

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Prime Minister Narendra Modi on Friday said the BJP’s flag was flying high after the first round of voting in Uttar Pradesh while the rivals were depressed.

Taking a swipe at the opponents, he said, seeing their hopes getting dashed after the voting, they have started blaming the Electronic Voting Machines (EVM).

He hailed Chief Minister Yogi Adityanath’s announcement to name a roundabout in Ayodhya after iconic singer Lata Mangeshkar, who passed away on February 6.

Modi was addressing a physical rally in Kasganj which will vote in the third phase of the Uttar Pradesh assembly elections on February 20.

—With inputs from PTI

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Quad Melbourne 2022: S Jaishankar stresses on need to play greater role in security of Indo-Pacific

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

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External Affairs Minister S Jaishankar on Friday underlined the need for the four-nation Quadrilateral alliance to play a greater role in the security of the Indo-Pacific, amid China flexing its military muscles in the strategic region. “Pleasure to visit the @AIinstitute and discuss our growing relationship in a conversation with Ms. @Lisa_Singh, tweeted Jaishankar, who is visiting Australia on his first trip to the country as external affairs minister.

Pleasure to visit the @AIinstitute and disucss our growing relationship in a conversation with Ms. @Lisa_Singh. pic.twitter.com/MaBN38Mp9L

— Dr. S. Jaishankar (@DrSJaishankar) February 11, 2022

He will co-chair with his Australian counterpart Marise Payne the 12th India-Australia foreign ministers’ framework dialogue on Saturday. On Friday, Jaishankar attended the 4th Quad Foreign Ministers’ Meeting along with his counterparts from Australia, Japan and the United States.

Speaking at the event India Matters at the University of Melbourne hosted by the Australia India Institute, Jaishankar discussed opportunities to foster a stronger India-Australia relationship. In an hour-long public conversation on Australia India Partnership in the Indo-Pacific’, the minister spoke of the need for the QUAD to play a greater role in the security of the Indo-Pacific region.

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In November 2017, the US, Australia, India and Japan gave shape to the long-pending proposal of setting up the Quad to develop a new strategy to keep the critical sea routes in the Indo-Pacific free of any influence, amidst China’s growing military presence in the strategic region. China claims nearly all of the disputed South China Sea, though Taiwan, the Philippines, Brunei, Malaysia and Vietnam all claim parts of it. Beijing has built artificial islands and military installations in the South China Sea. Beijing is also involved in a maritime dispute with Japan over the East China Sea.

The Quad leaders at their first-in-person summit in Washington on September 25 hosted by US President Joe Biden had pledged to ensure a “free and open” Indo-Pacific, which is also “inclusive and resilient”, as they noted that the strategically vital region, witnessing China’s growing military manoeuvring, is a bedrock of their shared security and prosperity. Commenting on the Quad, China has said that it was opposed to the formation of “exclusive cliques” to incite “bloc confrontation” and the four-nation alliance should stop driving wedges between regional countries.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Punjab polls: Amarinder Singh on campaign trail, his prestige at stake in Patiala Urban seat

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

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In front of the lush lawns of new Moti Bagh palace, the private residence of the scion of erstwhile Patiala royal family Captain Amarinder Singh, vehicles line up as the former chief minister prepares to hit the campaign trail.

Inside, Punjab Lok Congress’ supporters have a quick word with him before the PLC chief sets out to address back-to-back poll meetings in Patiala’s neighbouring constituencies.

Portraits of Baba Ala Singh, the city’s founder and Amarinder Singh’s ancestors are put up on the palace walls.

In his over 50 year-long political journey, the veteran leader’s prestige may never have been at stake more than what is now.

After Singh’s unceremonious exit as chief minister in September last year following a bitter tussle with Punjab Congress chief Navjot Singh Sidhu, he floated PLC, which is jointly contesting the February 20 polls with BJP and SAD (Sanyukt).

Singh, who represented Patiala (Urban) seat in 2002, 2007, 2012 and 2017 as a Congress candidate, is seeking re-election from the segment as PLC nominee.

In 2017, Singh won from Patiala by a huge margin of over 52,000 votes.

However, this time even though Singh may not be facing any heavy weight rivals from here, the challenge he faces is not only to ensure that PLC does well, but being a prominent leader, he also has to ensure that the alliance does well in the polls.

Many still address Singh as “Maharaja Sahab”. His father Yadavindra Singh was the last ruler of Patiala.

Singh’s wife Preneet Kaur is Congress MP from Patiala. Singh has also remained a two-time MP and had humbled BJP veteran late Arun Jaitley in 2014 Lok Sabha polls from Amritsar.

On a bright and sunny Thursday afternoon, Singh leaves the new Moti Bagh palace to address the first poll meeting of the day at nearby Sanaur, where he seeks votes for PLC candidate Bikramjit Singh Chahal, son of his close aide and advisor BIS Chahal.

Among the meetings, he also addresses one at Rajpura.

Singh stresses why Punjab needs a “double engine” government, pointing out that state needs Centre’s support for state’s economic revival, which he says PLC-BJP-SAD (Sanyukt) alliance will help achieve.

Singh points to the financial constraints that the state faces, which will remain a far cry under “false promises” of parties like Congress, AAP and SAD, “who are not willing to work in coordination with the Centre”.

“If anyone thinks that they can run the government here without Centre’s help that is not possible,” Singh asserts.

ALSO READ | Punjab Assembly Elections 2022: The cost of Congress leader Sunil Jakhar’s exit from electoral politics

Singh said when he decided to float his party after quitting Congress and told Union Home Minister Amit Shah that he wants to contest in alliance with them, the latter told him to speak to the prime minister, who later rang him up, saying he was very happy at his decision and assured that together they will transform Punjab for the better.

“I can guarantee you that the Modi government will repeat in 2024… and if we have a double engine government, Punjab can progress fast, ” Singh tells the Sanaur gathering underscoring why voting for the alliance in Punjab was needed.

“The alliance will form the government,” Singh said.

He exuded confidence later interacting with the media following his campaign trail, and dismissed projections that AAP will perform better this time, saying pollsters gave them 100 seats even last time but they ended up winning just 20.

Back in Patiala city, some voters feel that Patiala has been Amarinder’s bastion and over the years and he has done a lot for his constituency, while some others claim that people this time are looking for a change.

“Capt sahab has done a lot for his constituency, people will vote him back,” said Swarn Singh, a Patiala resident.

However, Bhagwant Singh, an iron smith, who has a shop on Behra road here, has a different opinion.

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“This time people want to give a chance to the AAP. Everyone wants the condition of government schools to improve so that our children get quality education at minimum cost and affordable treatment in hospitals.

“Traditional parties have ruled for 70 years now, but they have not done anything. Here you can see the condition of internal roads in Patiala?, they are in bad shape,” he says.

In his poll meetings, Amarinder Singh takes on the Congress, AAP and SAD on a host of issues and also takes on Charanjit Singh Channi after ED arrested his nephew, saying Congress declared him chief ministerial candidate even after his kin was caught “with sand mafia earnings”.

The former chief minister thanked the people of Patiala for the love and respect they have always given him.

ALSO READ | Punjab assembly elections: Politicians with sports background try luck in poll playground in Patiala

Outside the Dak Ghar or post office here, 50-year-old tea seller Satender from Azamgarh, UP, who is settled in Patiala since 1990, is serving hot tea to his customers that range from office and bank employees to autowalas and some of them are engaged in an intense discussion.

The Congress has fielded former Patiala mayor Vishnu Sharma, Shiromani Akali has nominated Harpal Juneja and AAP’s candidate is Ajit Pal Singh Kohli from Patiala seat.

Patiala Urban seat, an erstwhile princely state, is situated in Punjab’s Malwa region, which accounts for maximum 69 seats in the 117-member Assembly.

The constituency has several heritage, buildings including Qila Mubarak, Sheesh Mahal, Moti Bagh Palace, among others.

—With inputs from PTI

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bharti-backed OneWeb deploys 34 satellites; its in-orbit fleet now at 428 satellites

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

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Bharti-backed OneWeb on Friday announced the successful deployment of 34 satellites by Arianespace from the Guiana Space Centre in Kourou, French Guiana. The latest move by the Low Earth Orbit (LEO) satellite communications company, brings its total in-orbit constellation to 428 satellites.

In a statement, OneWeb confirmed the successful deployment of 34 satellites by Arianespace from the Guiana Space Centre in Kourou, French Guiana. This launch is the company’s first in 2022 and 13th overall. OneWeb has now launched two-thirds of the LEO satellite fleet that is geared to deliver high-speed, low-latency global connectivity.

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It represents 66 percent of OneWeb’s planned 648 LEO satellite fleet that will deliver high-speed, low-latency global connectivity, the company said. The demand for OneWeb’s broadband connectivity services has continued to grow across telecommunications providers, aviation and maritime markets, ISPs (internet service providers), and governments globally, the company informed.

Most recently, the company has signed new distribution partnership pacts with several companies last month, including Hughes Network Systems, Marlink, and Field Solutions Holdings, to help ensure connectivity is delivered to the most hard-to-reach places globally. Commenting on the launch, Neil Masterson, OneWeb CEO said, “Our first launch of the year marks our significant progress in completing a truly global LEO network later in 2022.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Auto PLI scheme: Govt expects Rs 45,000 crore investment over 5 years from 20 vehicle makers

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

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The Narendra Modi government on Friday said it’s expecting an investment of Rs 45,000 crore over five years from 20 selected companies under the Performance Linked Incentive (PLI) scheme for the automobile industry in India.

In an exclusive interview to CNBC-TV18, Arun Goel, Secretary, Department of Heavy Industries, said that applicants under the component PLI scheme will be announced in a few weeks.

He said the government will launch a portal by March 1, 2022, for submission of documents for assessment before the rollout of incentives from April 1, 2023, onwards on the basis of sales in FY23. However, the scheme is now closed for original equipment manufacturers (OEMs).

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“This is the only sector where companies have been allowed to apply and get incentives under three schemes. A manufacturer can apply and get incentives under all three schemes – ACC PLI, automotive PLI, and FAME schemes,” Goel said.

Secretary said companies that did not get selected under vehicle PLI scheme may be selected under component PLI scheme if they have applied. But companies can get incentives in the range of 13-18 percent. The highest incentive under auto PLI is 18 percent, 20 percent under ACC PLI, and 20-45 percent under FAME.

The ministry said Maruti Suzuki had withdrawn the application under the vehicle PLI scheme as it did not qualify and had said Suzuki Motor may be considered. Maruti has also applied under the component PLI scheme.

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Yesterday, the central government selected 20 companies across, passenger vehicles, two-wheeler and new non-automotive companies. M&M, Tata Motors, Ashok Leyland, JBM Electric Vehicles, Hyundai India, Pinnacle Mobility, Suzuki Motor Gujarat, VECV, PCA Automobiles, and Kia India have been selected from the list of applicants from carmakers.

Incentives under the Rs 25,938 crore Automotive PLI Scheme will be rolled out from April 1, 2022, for a period of 5 years. Companies would get incentives based on incremental sales of electric or hydrogen fuel cell vehicles. Like Maruti Suzuki, there could be other vehicle manufacturers who may not have been eligible under the vehicle PLI Scheme but may get incentives under the Component PLI scheme.

The government is still considering 86 applications under the Component PLI Scheme. Sources told CNBC-TV18 that a company that is into manufacturing electric batteries and electric vehicles can get incentives under both the automotive and ACC PLI schemes.

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Among the prominent two-wheeler makers, TVS, Hero MotoCorp, Bajaj Auto and Piaggio have been selected for incentives. Ola Electric, Booma Innovative, Elest, Hop Electric, Axis Clean Mobility and Powerhaul vehicles have been approved under the new non-automotive category.

Bharat Forge, Ather Energy & Hero Electric did not meet eligibility criteria, for the Vehicle PLI Scheme. The Automotive PLI Scheme aims to incentivise electric and hydrogen fuel cell manufacturing in India, with a roadmap for 30 percent electrification by 2030.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

West Bengal train accident: Initial probe finds locomotive ran 18,000 km sans check, warns of ‘ghost’ exam

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

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The locomotive of the Bikaner-Guwahati Express, which derailed on January 13 in West Bengal’s Jalpaiguri, had been running without any trip inspection for about 18,000 km when such examination is needed every 4,500 km, a preliminary enquiry has found. The Commission of Railway Safety, in a letter to the general manager of Northeast Frontier Railway, has also raised red flags on “ghost examinations” being conducted on the rail network.

It stated that the locomotive had undergone trip inspection last on December 6, 2021. “Since then, it was running continuously and logged about 18,000 km before eventual derailment of the loco attended with fallen traction motor-2 on 13.1.2022 while working train no 15633 UP. As per prescribed inspection schedule WAP 4 locomotive shall undergo trip inspection at every 4,500 km which was not ensured,” the letter stated.

Trip inspection is an important safety examination in which the undergear of a locomotive is inspected by a trained railway official to ensure safety. It is expected that Railways has institutionalised a system to monitor and ensure that it is done in time, the letter by the Commission of Railway Safety stated.

“From the documents presented during the enquiry, it came to light that in one of the loco links issued by Samastipur Division of the East Central Railway, electric locos have been allotted to undergo trip inspection at NCB (New Coochbehar) and AF (Agra Fort). Both these locations have no facility for trip examinations. How such ghost examination can take place is a matter of investigation by Railways,” it said.

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The Commission of Railway Safety has recommended that the Railways takes necessary steps to ensure that trip inspections are monitored for each locomotive. It shall be the Railway’s responsibility to ensure that a Locomotive undergoes all scheduled attention and examination, including trip inspection, on time, the panel stated.

The Railway shall check that all stations nominated for inspection of locomotives have requisite facilities and loco links issued by Railway are executable in the field to ensure timely inspection and maintenance. Safety organisation of Railway should be drafted to check the loco links and ensure necessary corrective action where ever required, the panel added.

A final report on the accident, that claimed nine lives, is still awaited.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US inflation at 40-year high: What are the trends across the globe

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

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Amid the relentless surge in US inflation to a four-decade high of 7.5 percent, the European Commission on Thursday raised inflation expectations for this year.

The Brussels-based institution forecast inflation to touch 3.5 percent this year against its November forecast of 2.2 percent. Higher energy prices are expected to exert a “more protracted drag” on the European economy and drive inflation higher, the latest growth outlook of the European Commission revealed.

Earlier this year, economists said high inflation would continue to haunt the world economy this year. In a Reuters poll, economists drifted from their previous view that the surge in inflation, driven by pandemic-induced supply constraints, was transitory. The survey was conducted in January and over 500 economists participated in it. Apart from trimming their global growth outlook on expectations of slowing demand, the economists also said central banks would raise rates faster than assumed earlier. According to the survey, growth is seen slowing to 3.6 percent and 3.2 percent in 2023 and 2024, respectively.

What is happening in the US?

In the US, the labour department on Thursday said inflation reached its highest level in January at 7.5 percent since February 1982. Consumers felt the bite of price rises in a number of household items such as food, vehicles, appliances and electricity. There was a sharp uptick in housing rentals as well. Apart from the heavy flow of federal aid, supply bottlenecks, shortage of workers, ultra-low interest rates and robust consumer spending had contributed to the rise in inflation.

While most economists believe inflation will ease when businesses adapt and demand normalises, there is still no clear indication as to when supply snarls would ease enough to take pressure off prices. The relentless price rise has prompted the US Federal Reserve to consider raising rates earlier than it had previously planned.

“With wages, commodity prices and supply-chain strains all contributing, the Fed will need to respond aggressively,” James Knightley, chief international economist at ING, told The Wall Street Journal.

Europe gears up

Europe is witnessing an energy crunch pushing electricity prices to record highs, fueling inflation and raising household bills. Power prices in Germany and France have surged almost 11 percent and 7.7 percent, respectively, amid higher demand from European utilities in the freezing winters, Bloomberg had reported last year.

Amid the surge in energy prices, the European Commission hiked inflation forecast to 3.5 percent in the Eurozone.

Although output in the 27 member states of the commission is expected to surpass pre-pandemic levels by the end of this year, the surge in inflation in the Eurozone to record levels in the fourth quarter had cast a cloud over the economic outlook for the coming months.

“Multiple headwinds have chilled Europe’s economy this winter: the swift spread of Omicron, a further rise in inflation driven by soaring energy prices and persistent supply chain disruptions,” Financial Times quoted Paolo Gentiloni, the EU’s economy commissioner, as saying.

Once these headwinds fade, growth is likely to pick up by spring, Gentiloni said.

Russia inflation at 6-year high

Inflation in Russia hit a six-year peak in January at 8.73 percent driven by increase in prices of fruits, vegetables, construction materials and electronics, Bloomberg reported quoting data by the Federal Statistics Service.

Price gains in the week ended February 4 were higher at 0.29 percent than 0.18 percent in the previous week, pushing the annual rate to 8.8 percent as on February 4. The country’s central bank is likely to increase rates after Friday’s meeting as a 425-basis points (bps) hike over last year failed to reverse the trend in price growth.

“The inflation peak most likely hasn’t passed yet,” Bloomberg quoted Dmitry Polevoy, economist at Locko-Invest, as saying. “Most likely, it will come in March-April.”

RBI’s projection

Retaining its inflation projection at 5.3 percent for the ongoing financial year, the Reserve Bank of India on Thursday said it expects inflation based on consumer price index to come down below 4.5 percent in FY 2023. Although global crude oil prices are likely to play truant, inflation is likely to come down on the back of better crop arrivals, supply-side interventions and a good monsoon.

In December, retail inflation in India rose to a five-month high of 5.59 percent against 4.91 percent in November on the back of an uptick in food prices, PTI reported.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow