UltraTech Q4 profit up 10% at Rs 723 crore, revenue up 5.1%

The cement major hopes for 7-8% growth in demand in FY17 on the back of government's push in infra sector

Workers walk in front of an UltraTech concrete mixture truck at the construction site of a commercial complex on the outskirts of Ahmedabad

Mumbai : UltraTech Cement, India's largest cement maker, has reported an increase of 10% in its consolidated net profitfor the quarter ended March, 2016. The company's profits stood at Rs 723 crore compared with Rs 657 crore in the corresponding period last fiscal.

On the yearly front too, the Birla firm registered growth of 9% in its consolidated profit after tax (PAT) at Rs 2,287 crore in FY16, against Rs 2,098 crore in FY15.

The company's board has declared a dividend of Rs 9.5 per share.

Quarterly net sales grew 5.1% to Rs 6,850 crore, while annual net sales were Rs 25,281 crore, up 5%.

Better growth in sales volume at 15% in the January-March quarter with relatively better prices helped the company post a good show in the March ending quarter.

"The operating costs reduced with operational efficiencies, a judicious fuel mix, and (a) fall in fuel prices," the company said in a statement.

In its outlook, the company said that demand is expected to grow 7-8% next year on the back of government's focus on infrastructure development, housing, and smart cities, all of which augur well for UltraTech.

On the NSE, UltraTech's shares closed strong on Monday at Rs 3,288, up 0.5% or Rs 16.9 in an otherwise weak market. The Nifty closed 44.25 points lower at 7855.05, while the benchmark Sensex on the BSE closed 159.21 points lower at 25,678.93 points.

India revokes passport of missing tycoon Mallya

Kingfisher Airlines Chairman Vijay Mallya speaks with the media after his meeting with Director General of Civil Aviation E.K. Bharat Bhushan in New Delhi March 20, 2012.

The Indian government said on Sunday it had revoked the passport of Vijay Mallya, the embattled tycoon and lawmaker who last month fled abroad as lenders pressured him to repay about $1.4 billion owed by his defunct Kingfisher Airlines.

Mallya has not disclosed his whereabouts since he flew first class out of New Delhi airport on March 2, his departure embarrassing the government at a time when it and the central bank have pledged to crack down on bank loan defaulters.

"After having considered replies (by Vijay Mallya), MEA revokes his passport," Ministry of External Affairs spokesman Vikas Swarup said in a tweet.

The foreign ministry had given Mallya a week to answer why his passport should not be impounded or revoked, and Swarup told Reuters on Sunday that the government was now consulting legal experts about how it could get Mallya deported to India.

A spokesman for Mallya's UB Group declined to comment.

Pressure on Mallya, who has said he is not an absconder, is mounting.

On Monday a court issued a warrant for his arrest and the Enforcement Directorate, a government agency fighting financial crime, has accused UB Group of using 4.3 billion rupees ($64.5 million) of bank loans to Kingfisher to buy property overseas.

Credit banks this month also rejected an offer of partial repayment by Mallya, who had given a personal guarantee for the Kingfisher loan, and have demanded that the former billionaire attend a hearing in India's Supreme Court.

Mallya, a member of the upper house of India's parliament, has said he would comply with the law.

Media reports traced him to the Hertfordshire village of Tewin, north of London, where the man once known as the "King of Good Times" for his extravagant lifestyle owns a house.

(Reporting by Tommy Wilkes and Douglas Busvine; editing by Raissa Kasolowsky and Jason Neely)

Pushkov accuses western countries of "political racism"

According to Pushkov, the America-centered world does not need countries like Russia, which is ‘problematic’, has a vast territory, huge resources and an enormous potential for independence

Alexei Pushkov, the head of the Russian State Duma Committee for Foreign Affairs

MOSCOW, April 24 /TASS/. Alexei Pushkov, the head of the Russian State Duma Committee for Foreign Affairs, has described the West’s neglectful attitude to countries which do not share the "values" of an America-centered world as a manifestation of "political racism."

"We are being asked: who is on your side? You know, this [such questions] is a variety of western political racism," Pushkov said in an interview aired by the TV-center channel on Sunday.

"Who is supporting you? Bolivia, Cuba…," Russia’s opponents ask.

"No, it’s not only them. It is far from being only them. In fact, the better half of humanity is against the America-centered world. It includes countries like China, India, Brazil, the better half of Latin America and the Arab world - look at Egypt," the Russian deputy said.

According to Pushkov, the America-centered world does not need countries like Russia, which is ‘problematic’, has a vast territory, huge resources and an enormous potential for independence. "And that does not fit into the U.S. global project," the Russian politician explained.

"They [the U.S. - led western world] need the subjects of their world rather than objects with a considerable degree of independence," Pushkov said. "That is why when we say that we need to fight for a new world order, which will not be so centered around the United States and in which there will be a balance of interests, we, in fact, want to guarantee conditions for national existence and survival. But by doing this we carry over many countries, which until recently have not played any leading role in politics, to our side," the politician stressed.

Mann Ki Baat : PM Modi Pitches For Mass Campaign To Save Water

PM Modi expressed gratitude to one crore households which gave up LPG subsidy in response to his call.

HIGHLIGHTS

1. Monsoon predicted to bring up to 110% of rainfall this season
2. Preserve rain water, find other ways to battle water scarcity, said PM
3. PM was addressing nation in monthly radio programme 'Mann Ki Baat'

 Sharing concern over drought in various parts of the country, Prime Minister Narendra Modi today pitched for water conservation through a mass movement as he pinned hopes on the Monsoon which is predicted to bring upto 110 per cent of rainfall this season.

In his monthly radio programme 'Mann Ki Baat', he also talked about efforts to clean Ganga and Yamuna rivers, hoping that these will show results in some time.

Among other several issues, he delved on education, emphasising that the focus should now shift from enrolment to providing quality education.

During his 30-minute broadcast, PM Modi also expressed gratitude to one crore households which gave up LPG subsidy in response to his call and exhorted media to highlight positive news.
Talking about the drought situation in various parts of the country, he said concern over it is natural, particularly since prolonged drought leads to drop in water table in reservoirs.

"To fight the drought and water scarcity, the governments will do their work. But I have seen people also make their own efforts. In several villages, an awareness has been seen with regard to the value of water and in such places, there is sensitivity and a will to do something to conserve," he said.

He referred to the weather forecast which has predicted that the country will receive 106 per cent to 110 per cent rainfall during this Monsoon and said such good news always brings peace.

"But this news brings new awareness also...While the news about good rainfall brings comfort, it also provides an opportunity and a challenge. Can we run a movement from village to village to preserve water?... To whatever extent possible, we must save water.

"The rain water should be preserved. The water of a village should remain in the village. If we make a resolve to do this, it is possible through a mass campaign. So even though we have a water crisis now, we have one and a half month to prepare (before the onset of Monsoon)," he said.

The Prime Minister, Shri Narendra Modi inaugurates Joint Conference of CMs & Chief Justices of HCs

The Prime Minister, Shri Narendra Modi addressing at the inauguration of the Joint Conference of CMs & Chief Justices of HCs, in New Delhi on April 24, 2016. The Union Minister for Law & Justice, Shri D.V. Sadananda Gowda and the Chief Justice of India, Shri Justice T.S. Thakur are also seen

CJI turns emotional, tells PM not to shift entire burden on judiciary on judges shortage

New Delhi, Apr 24 (PTI) Chief Justice of India T S Thakur today became emotional in the presence of Prime Minister Narendra Modi, lamenting government's "inaction" in raising the number of judges from 21,000 to 40,000 to handle mounting cases, saying, "you cannot shift the entire burden on the judiciary".

"Nothing moves", an unusually emotional Thakur said, recalling a 1987 Law Commission recommendation to increase the number of judges from then 10 judges per 10 lakh people to 50.

"Then comes inaction by the government as the increase (in the strength of judges) does not take place," he said in a choked voice while addressing the inaugural session of Joint Conference of Chief Ministers and Chief Justices of High Courts here.

"...And therefore, it is not only in the name of a litigant or people languishing in jails but also in the name of development of the country, its progress that I beseech you to rise to the occasion and realise that it is not enough to criticise. You cannot shift the entire burden on the judiciary," the Chief Justice of India, who was seen wiping his eyes on three occasions, said as the Prime Minister heard him in rapt attention.

Modi, who was not scheduled to speak as per the programme circulated by the Law Ministry, said, "I can understand his (CJI's) pain as a lot of time has lapsed since 1987. Whatever has been the compulsions, but its better to be late than never. We will do better in the future. Let us see how to move forward by reducing the burden of the past," he said.

He said if constitutional barriers do not create any problems, then top ministers and senior Supreme Court judges can sit together in a closed room to find a solution to the issue.

Modi also recalled that in one such conference he had attended as the Gujarat Chief Minister, he had flagged the issue of reducing vacation in courts and holding morning and evening courts but during lunch break during that event he was in for trouble as some judges had questioned the idea.

Later, addressing a press conference on the day's deliberations, the CJI admitted that being emotional is his "weakness".

"One should not be emotional. Justice Kehar (who is likely to be the next CJI) is a strong man. He will not be emotional," he said.

In his address, the Chief Justice said following the Law Commission's recommendation, the Supreme Court in 2002 had also supported increasing the strength of the judiciary. A Parliamentary Department Related Standing Committee on Law then headed by Pranab Mukherjee had also recommended taking the judge to people ratio to 50 from 10.

The CJI also spoke of the "tug-of-war" that goes on between the Centre and the states over funding, infrastructure and other issues.

As of today, the judge to people ratio stands at 15 judges to 10 lakh people which is way less as compared to the US, Australia, the UK and Canada.

Referring to the pressures Indian judges face, Justice Thakur said from a munsif to a Supreme Court judge, the average disposal in India is 2,600 cases per annum as compared to 81 cases per annum in the US.

India Accuses US Of Double Standards On Solar Trade

Power Minister Piyush Goyal says America's WTO victory against India promoting its domestic solar energy players is unjust.

NEW YORK: 

HIGHLIGHTS

1. India accuses US of double standards in solar trade
2. 16 US states have similar Domestic Content Requirements: Power Minister
3. Very unfortunate that US chooses to go against developing world: India

 New Delhi has accused the US of double standards on solar trade, saying its World Trade Organization or WTO victory against India promoting its domestic solar energy players is unjust when it itself uses the same protection in its own states.

Speaking to NDTV in New York, India's Power, Coal and Renewable Energy Minister Piyush Goyal said India has found that 16 states in the US "have similar Domestic Content Requirements when they procure solar panels for their energy needs". The minister also added that "it is very unfortunate that the US on one side continues to have its own Domestic Content Requirement and purchase of solar equipment giving preference to domestic manufacturers and on the other hand, chooses to go against the developing world."

Pointing out to the restraint shown by the government in imposing anti-dumping duties on American manufacturers, even when it had won the right to do so in a recent ruling, Mr Goyal said "domestic manufacturers showed magnanimity" and added that "the US should have reciprocated with a similar gesture." "(It is) very unfortunate that they took this route rather than promoting renewable energy in developing countries," he said.
 A World Trade Organization panel ruled in February in favour of a US claim that India's rules restricting what products can be used in its solar industry breach international trade regulations. WTO's dispute settlement board ruled that India's requirement that only Indian-made products be used in large parts of its rapidly expanding solar power industry were "inconsistent" with a range of global trade regulations.

On Wednesday, India filed an appeal against the WTO decision and is awaiting the final decision of its highest court - the Appellate Authority  - to strike down its lower panel ruling that denied the Indian government's local content requirements for solar cells and modules. India has said it will file 16 cases against the US violations of WTO policies at the United Nations in New York during Minister Goyal's visit, but is yet to do so.

Strongly reiterating that the ruling will not deter India's support to domestic manufacturers, Mr. Goyal said "on the contrary we are coming out with a new policy which will encourage further domestic manufacturing in India and are fully committed to India becoming a leading solar equipment manufacturer in the near future."

Merkel, EU officials arrive for Turkey visit on migrant deal

Gaziantep (Turkey) Apr 23 (AFP) German Chancellor Angela Merkel touched down in Turkey today for a visit along with top EU officials aimed at boosting a crucial deal Europe hopes will ease the worst migrant crisis since the Second World War.

She was joined by European Council head Donald Tusk and European Commission Vice President Frans Timmermans, who were greeted at the airport in south-east Turkey by Prime Minister Ahmet Davutoglu.

The delegation was set to travel immediately to a refugee camp in Nizip, near the Syrian border, where they were expected to speak to some of the 5,000 or so people forced to flee their conflict-wracked country.

The trip comes a month after a March 20 deal between the EU and Ankara allowing for the deportation from Greece back to Turkey of migrants who do not qualify for asylum.

In exchange, the EU has promised Turkey some six billion euros (USD6.8 billion) over the next four years aimed at helping Turkey better conditions for the 2.7 million refugees it is hosting, as well as a conditional offer of visa-free travel for Turkish citizens.

International Solar Alliance Cell and UNDP Declared Cooperation for Promoting Solar Energy

On the occasion of the Side event on International Solar Alliance at the UN Headquarters in New York on Friday , the Interim Administrative Cell of International Solar Alliance (ISA Cell) and the United Nations Development Programme (UNDP) declared their intention to promote solar energy globally . 

Major areas identified for working jointly included :a) Development of synergies with ongoing UNDP programmes and projects on solar energy in and across ISA member countries; b) Creation of complementary linkages with ongoing global and regional efforts in the field of solar energy; c) Strategic cooperation in programmatic and technical expertise, and facilitating the participation of the wider UN system towards the creation of innovation hubs in and technology transfers between ISA member countries; d) Support for the establishment of knowledge management systems as well as electronic networks and/or e-portals for the sharing, creation and management of knowledge on solar energy; and e) Strengthening the development of ISA’s institutional structure, and enhance its capacity development efforts through the support of training programmes, In addition, both sides decided to work in other areas and themes as jointly decided. 

The joint declaration was exchanged in the presence of Shri Piyush Goyal, Union Minister of State (IC) for Power, Coal and New and Renewable Energy; Ministers and Ministerial representatives from around 25 ISA countries. Shri Upendra Tripathy, Secretary, Ministry of New and Renewable Energy and Chairperson, ISA cell exchanged the declaration with UN representative. On this occasion, Mr Yuri Afanasiev, UN India coordinator was also present. 

Shri Goyal stated that the joint declaration is a new beginning and will help in leveraging and expediting solar energy development and deployment in ISA countries. He also informed that the process of areas identified under joint declaration will be reviewed at the Founding Conference of the ISA scheduled to be held in the near future in New Delhi. 

India Celebrates Hanuman Jayanti - 22nd April 2016

Happy Hanuman Jayanti – 22^nd April  2016

Hanuman Mantra:

Manojavam Maruttulyavegm

Jitendrium Buddhimatam Varishtham

Vatatmajam Vanarayuthmukhyam

Shri Ramdutam Sharanam Prapdye.

Hanuman Jayanti is celebrated every year by the people in India to commemorate the birth of Hindu Lord, Hanuman. It is celebrated annually in the Hindi month of Chaitra (Chaitra Pournima) on 15^th day of the Shukla Paksha.

Lord Hanuman was born on the chaitra Shukla Purnima(Full moon day on the Hindu Calendar Month of Chaitra). Also called by the names, Maruti, Pavanputra, Bajrangbali and Mahavira.

Hanuman Jayanti 2016 is being celebrated by the people all over India on 22^nd of April, 2016.

Lord Hanuman is one of the most revered god of India. He is believed to be an incarnation of Lord Shiva. Lord Hanuman is venerated as the greatest disciple of Lord Sri Ram. He is seen as the embodiment of devotion and loyalty and is one of the rare Hindu god who has taken a vow of celibacy. He was born to (Wind-God) Kesari and Anjani. Hanuman became a legend mainly for his unflinching devotion and loyalty for Paramatma Lord Ram. He was an ideal karma yogi for his fearless, selfless service, humility and devotion for Lord Ram. Lord Hanuman is the only deity that cannot be troubled by negative energies. Hanuman Jayanti is an important festival of Hindus. Hanuman is the symbol of strength and energy. Hanuman is said to be able to assume any form at will, wield rocks, move mountains, dart through the air, seize the clouds and rival Garuda in swiftness of flight. He is worshipped in folk tradition as a deity with magical powers and the ability to conquer evil spirits. Also known as an avatara of Lord Rama, he is considered the God of power (Maruti).

In the Maharashtra, it is commemorated to the Purnima in the Hindu Lunar month of Chaitra. However, according to other Hindu calendar, it falls on 14^th day (chaturdashi) of Ashvin month in the dark fortnight. After puja, Prasad is distributed among people to have full blessings.

In Tamil Nadu and Kerala, it is celebrated in Margazhi month (between December and January) in the belief that Lord Hanuman was born to the amavasya in the Margazhi month. In Odisha, it is celebrated on 1^st day in the month of Baisakha (in April). In Karnataka and Andhra Pradesh, it is celebrated on 10^th day of Vaishaka month in the Krishna Paksha. It is the 41 days long celebration in the Andhra Pradesh which starts from the Chaitra Purnima and ends at 10^th days of the Krishna Paksha of Vaishakha month.

On Hanuman Jayanti people observe fast, meditate on him and his Lord Rama, practice charity, read the Hanuman Chalisa and spend the day in repeating his glories and adventures and be blessed.

Hanuman avatar is considered as the 11^th Rudra avatar of the Lord Siva with great devotion, strength, knowledge, divine power, bravery, intelligence, spirit for selfless service and etc. He has devoted his life only for his Lord Rama and Mata Sita and never shows his bravery and intelligence without any purpose. The devotees of the Lord Hanuman always pray him for getting blessed with the same for their bright future. He is worshipped in many ways by his devotees; some meditates by repeating his name many times to get power, fame, success and etc in the life whereas some reads the Hanuman Chalisa to get the same.

Hanuman Jayanti is considered very auspicious for wrestlers and bodybuilders. On this day, they fast from morning till night. Bodybuilding and wrestling competitions are organised in Indian villages. They assemble at the wrestling field after paying obeisance to Lord Hanuman. They begin their fight after both the wrestlers shouts 'Jai Hanuman'. Attractive cash prizes are awarded to the winner.

Cairn India posts biggest quarterly loss of Rs 10,948 crore in Q4

Cairn India today reported its biggest quarterly loss of Rs 10,948 crore in the quarter ended March 31 mainly because of impairment loss on goodwill and non-producing oil and gas assets due to drop in oil prices.

Cairn India today reported its biggest quarterly loss of Rs 10,948 crore in the quarter ended March 31 mainly because of impairment loss on goodwill and non-producing oil and gas assets due to drop in oil prices. (Reuters)

Cairn India today reported its biggest quarterly loss of Rs 10,948 crore in the quarter ended March 31 mainly because of impairment loss on goodwill and non-producing oil and gas assets due to drop in oil prices.

Net loss of Rs 10,948.22 crore in January-March compared with a net loss of Rs 240.82 crore in the same period a year ago, the company said in a statement.

“Due to decline in crude oil prices in the international market, the Group has recorded an impairment on the carrying value of goodwill and some of its non-producing oiland gas assets aggregating to Rs 11,389.63 crore and Rs 284.17 crore respectively,” it said.

Cairn said the impairment of Rs 11,674 crore largely reflects the lower crude price, prevailing discount on oil produced from Rajasthan block as well as adverse long term impact of revised cess.

“All the company’s projects including Bhagyam and Aishwariya enhanced oil recovery (EOR), Aishwariya Barmer Hill as well as the Raageshwari deep gas project remain viable at the price assumptions taken for impairment,” it said.

Production dipped 8 per cent to 206,170 barrels of oil and oil equivalent gas in the fourth quarter of 2015-16. Its mainstay Rajasthan field produced 5 per cent less oil at 164,826 barrels per day.

Turnover fell 36 per cent to Rs 1717 crore on lower oil prices.

The company realised an average of USD 27.8 per barrel for oil it produced in January-March, down 43 per cent from USD 48.6 per barrel a year ago. Gas price realisation was however up 19 per cent at USD 7.4 per million standard cubic feet.

For the full 2015-16 fiscal, the company posted a net loss of Rs 9,432 crore as compared to Rs 4,480 crore profit in the previous year.

The loss did not prevent the company board from declaring a Rs 3 per share dividend by dipping into cash reserves of Rs 19,521 crore.

Mayank Ashar, Managing Director and CEO of Cairn India said, “The Cairn team has delivered a resilient performance in a challenging year. Drive for cost efficiency and rationalisation of capital investment have aided free cash generation despite crude prices plummeting to a 12 year low.”

The company has successfully executed one of the world’s largest EOR project at Mangala oilfield in Rajasthan block.

“The company continues with its pre-development activities to be future ready to tap the resource base,” he said.

Cairn India, he said, is engaged with the Government on extension of Rajasthan license beyond 2019 for further investment in the prolific Rajasthan block.