Pricing pressure in global operations dents Jet Airways’ Q3 numbers

Jet Airways

Jet Airways has been struggling with weak demand from the Persian Gulf for a few quarters, though the management indicated that might change soon

 

 LATEST NEWS : Jet Airways’ December quarter performance did not go down well with the Street, with the stock shedding nearly 6 per cent at close on Thursday.

The company had declared the results after market hours on Wednesday.

One reason for the stock fall could be the net profit decline. The bottom line, at Rs 1.86 billion, was down 38 per cent over the year-ago quarter. However, net profit for the year-ago period, at Rs 2.99 billion, included Rs 3.27 billion profit on sale and leaseback of aircraft. The company has restated the numbers for the third quarter of 2016-17 and nine months of 2016-17 to reconcile these with Indian accounting standards. Without the adjustment, net profit would have shown an increase of 19.2 per cent.

On the operational front, revenues increased 10.4 per cent to Rs 64.12 billion. This was led by a 13.4 per cent increase in passenger volumes to 7.7 million for the quarter ended December. Domestic passenger growth was even better at 17 per cent, though this was lower than the sector’s growth of 18 per cent. SpiceJet had reported 18.2 per cent growth in passenger volumes.

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Why NITI Aayog believes electric car goal may raise cyber-security risks

Electric cars

While China manufactures everything from a chip to a converter for its electric vehicles, Indian automakers use imported electronic equipment

 

LATEST NEWS : India’s dependence on imported components for electric vehicles could make the country vulnerable to cyber-security breaches, according to the government’s chief policy think-tank.

India should manufacture the majority of the parts needed for its electric vehicle fleet as equipment shipped from overseas could be compromised, V K Saraswat, a member of the think tank, Niti Aayog, said in an interview. All of the software and at least 55 percent of the components need to be made domestically to keep electric vehicles and the grid secure.

“There has to be a push toward local manufacturing,” Saraswat said.

Prime Minister Narendra Modi’s administration said last year it aims to have mostly electric vehicles by 2030, in a country where about 3 million fossil fuel powered passenger vehicles sell annually.

 

In an attempt to jump-start the nascent electric vehicle market, India last year conducted its first tender to buy 10,000 electric cars for government use that was won by Indian automakers Tata Motors Ltd. and Mahindra & Mahindra Ltd.

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SBI discloses Rs 13.6-bn exposure in LoU issued by PNB to Nirav Modi

Peer review to keep SBI bosses on toes

SBI Chairman Ranjish Kumar said the bank has some exposure on Gitanjali Gems, owned by Mehul Choksi, uncle of Nirav Modi

 

LATEST NEWS:  Countrys largest lender SBI today said it has an exposure of USD 212 million (about Rs 1,360 crore) in respect to letter of undertaking issued by Punjab National Bank to Nirav Modi, but does not have any direct exposure to the absconding jewellery designer.

“We dont have any direct exposure on Nirav Modi but we do have some exposure on Punjab National Bank”, State Bank of India Chairman Rajnish Kumar told reporters here today.

He said the bank has lent USD 212 million to Modi on the basis of LoU issued by PNB.

Kumar, however, said the bank has some exposure to Gitanjali Gems, owned by Mehul Choksi, uncle of Nirav Modi.

Our exposure to Gitanjali is small we and we are not worried, Kumar said.

When asked about the lender’s exposure to the entire gems and jewellery sector, he said it is less than 1 per cent of the total domestic loan book.

My domestic loan book is Rs 16 trillion and gems and jewellery sector exposure is less than Rs 130 billion which is less than 1 per cent, he said.

He said the bank is very careful as far as gems and jewellery industry is concerned and has been taking steps to put lot of risk mitigation measures for accounts from the sector.

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PNB fraud: Nirav Modi and Mehul Choksi’s passports suspended for a month

Photo: Facebook

 

Nirav Modi and Choksi have been asked to respond within one week as to why their passports should not be impounded or revoked

 

LATEST NEWS :  On the advice of the Enforcement Directorate, the Passport issuing authority in the Ministry of External Affairs on Friday suspended the validity of passports of diamond merchant Nirav Deepak Modi and Gitanjali Gems CMD Mehul Chinubhai Choksi with immediate effect for a period of four weeks u/s 10(A) of the Passports Act 1967.

Nirav Modi and Choksi have been asked to respond within one week as to why their passports should not be impounded or revoked under Section 10 (3) (c) of the Passports Act 1967.

 

If they fail to respond within the stipulated time it will be assumed that they do not have a response to offer and the MEA will go ahead with the revocation.

Earlier in the day the Central Bureau of Investigation (CBI), which registered a case against jewelry retailer Gitanjali in a $1.77 billion fraud at state-run Punjab National Bank (PNB), conducted searches at 20 locations in six cities of the Gitanjali group of firms promoted by Mehul Choksi, the source said.

Choksi, managing director of Gitanjali Gems, along with billionaire jeweler and diamond merchant Nirav Modi are accused of being at the centre of the fraud involving PNB, the country second-largest state-run lender.

 

 

 

 

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FIR against viral song starring Priya Varrier for hurting Muslim sentiments

priya prakash varrier

With her expressions, Priya Prakash Varrier stole the hearts of her social media followers as the song from Omar Lulu’s Malayali film Oru Adaar Love went viral

 

LATEST NEWS : The makers of Malayali movie Oru Adaar Love have been booked by Hyderabad police for objectionable references to the love story between Prophet Mohammed and his wife.

The first song of ‘Oru Adaar Love’ became viral on social media within few hours of its release because of Malayalam actor Priya Prakash Varrier’s cute articulations and wink.

The upcoming movie, written and directed by Omar Lulu, tells the story of plus two (12th) students and has newcomers in the cast.

With her expressions, Priya Prakash Varrier stole the hearts of her social media followers as the song went viral.

An overwhelmed Priya said “I do not know how to react. I did what I was asked to do and never expected it to be such a hit.”

“Thank you for all the love,” Priya, who idolises Nayaantara, tweeted.

The song ‘Mankiya Malaraya Povi’, composed by Shaan Rehman and sung by Vineet Srinivasan, has got 68,81,349 views by 7.50 pm tonight.

Priya Prakash Varrier’s instant stardom — thanks to her wink and mischievous smile in a 28-second film clip — has left even her college principal eager to meet her.

Marriette A Therattil, Principal of the prestigious Vimala College here, is a senior nun attached to the Syro-Malabar Catholic Archdiocese of Thrissur.

Therattil told IANS that she learnt lately about how her 18-year-old student has became a “national trend” on social media.

 

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PNB suspends deputy manager, 9 others after uncovering Rs 110-bn fraud

PNB

Earlier in the day, the state-owned lender said that they had cracked a case of swindling, which was contingent in nature

 

LATEST NEWS  :  The Punjab National Bank (PNB) on Wednesday suspended its ten officials, including a branch Deputy Manager, in a fraudulent transaction case that also involved noted jewellery designer Nirav Modi.

 

The suspension comes following the bank uncovering fraudulent and unauthorised transactions worth $1771.69 million (Rs 110 billion) from its branch in Mumbai.

 

 

Earlier in the day, the state-owned lender said that they had cracked a case of swindling, which was contingent in nature.

 

“The bank has detected some fraudulent and unauthorised transactions in one of its branches in Mumbai for the benefit for a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad,” an official statement read.

 

Few days ago, the Central Bureau of Investigation (CBI) had booked the noted jewellery designer Nirav Modi, his brother Nishal Modi and some PNB officials for allegedly cheating the bank to the tune of more than Rs 2.8 billion (Rs. 280 crore).

 

Meanwhile, Secretary of the Department of Financial Services (DFS), Rajiv Kumar, assured that all necessary action would be taken in the case.

 

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Scam worth Rs 110 bn: PNB detects fraud transactions; stock price drops 7%

PNB, punjab national bank, pnb news

The scam could turn out to be the biggest scam in Indian corporate history

 

LATEST NEWS   :  In what may turn out to be one of the biggest scams in Indian corporate history, Punjab National Bank has detected fraudulent transactions worth around Rs 110 billion from one of its Mumbai branch allegedly by diamond merchant Nirav Modi, his relatives and business partner Mehul Choksi during this year.

PNB share prices fell around 7% in the early trade on Wednesday morning after the bank reported fraudulent transactions worth $1.77 billion to Bombay Stock Exchange.

“The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers abroad,” Delhi-based public sector bank said in its BSE filing.

The bank said that the transactions are contingent in nature and liability arising out of these on the bank will be decided based on the law and genuineness of underlying transactions. “The matter was already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank is committed to clean and transparent banking,” PNB said.

 

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Xiaomi Redmi Note 5, Redmi Note 5 Pro, Mi Smart TV 4 launched: Details here

Xiaomi Redmi Note 5, Redmi Note 5 Pro, Mi LED TV 4

The Redmi Note 5 and Redmi Note 5 Pro are the first budget offerings from the stable of China-based smartphone maker to sport an 18:9 aspect ratio screen

 

LATEST NEWS   :  Xiaomi has launched the Redmi Note 5 and Note 5 Pro smartphones, along with Mi Smart TV 4 in India. The price of Redmi Note 5 and Note 5 Pro starts at Rs 9,999 and Rs 13,999, respectively, while the 55-inch smart LED television is priced at Rs 39,999.

The Redmi Note 5 and Redmi Note 5 Pro are the first budget offerings from the stable of China-based smartphone maker to sport an 18:9 aspect ratio screen. The Redmi Note 5 – going by its specifications and features – looks like a renamed version of the Redmi 5 Plus, which was launched in China last year.

However, the Redmi Note 5 Pro is more of an upgrade over the Redmi Note 5. It sports a dual-camera set-up on the rear and uses a faster processor inside — Qualcomm Snapdragon 636 processor. Most of the other specifications of the Redmi Note 5 Pro remains the same as that of the Redmi Note 5.

In terms of specifications, the Redmi Note 5 sports a 6-inch fullHD+ screen in 18:9 aspect ratio. It is powered by Qualcomm Snapdragon 625 processor, coupled with Adreno 506 graphic processing unit (GPU). Imaging is taken care of by a 12-megapixel primary camera on the back and a 5 MP selfie camera. There is a LED flash on the back as well as on front for low-light photography. The dual-sim smartphone boots Android Nougat-based MIUI 9 operating system. Powering the device is a 4,000 mAh battery.

 

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Bengal CM Mamata won’t ‘waste’ funds on ‘Modicare’; first state to opt out

Mamata Banerjee on Modicare

For National Health Protection Scheme, the states will have to scrap their own similar existing programme

 

Latest news :  Pointing out that West Bengal had already enrolled 5 million people under its own healthcare programme, Chief Minister Mamata Banerjee on Tuesday said that the state will not waste its resources on National Health Protection Scheme (NHPS), which was unveiled in the Union Budget this year.

This way, Bengal became the first state to opt out of the scheme, also known as Modicare, which Finance Minister Arun Jaitley announced as world’s largest health insurance scheme covering 500 million people in the country.

Replacing the existing Rashtriya Swasthya Bima Yojana, the government targets an annual premium of Rs 1,200 to cover a single family.

 

The states have to choose between a trust-based scheme or an insurance-based scheme and will have to scrap similar existing programme.

Speaking at a public meeting in Krishnanagar, the CM said, “The Centre has drawn up a health plan in which 40 per cent of the fund has to come from states. But why should the state spend on another programme when it already has its own (Swasthya Sathi programme)? A state will have its own scheme if it has the resources,”, the Times of India quoted her as saying.

According to Niti Aayog and the Union Health Ministry, the NHPS will likely cost the exchequer between Rs 100 billion and Rs 120 billion.

 

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PNB detects $1.77 bn fraud: Money siphoned off overseas from Mumbai branch

PNB's Q4 points to moderation in NPAs

The bank did not name the people involved but said it had reported the deals to law enforcement agencies

 

LATEST NEWS :  India’s Punjab National Bank said on Wednesday it had detected “fraudulent and unauthorised” transactions worth about $1.77 billion at one of its branches in Mumbai.

 

 

The bank said in a statement the transactions were “for the benefit of a few select account holders with their apparent connivance” and that “based on these transactions other banks appear to have advanced money to these customers abroad.”

 

The bank did not name the people involved but said it had reported the deals to law enforcement agencies and would decide whether it faces any liability arising out of the transactions later.

 

PNB shares fell as much as 5.7 per cent in early trading on Wednesday.

 

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