ADVERTISEMENT

Mumbai

Four college girls drown in Navi Mumbai waterfall

ADVERTISEMENT
At least four college girls, who bunked classes for an impromptu picnic, drowned in the raging Pandavkada waterfall in Kharghar town of Maharashtra on Saturday, a police officer said.
 
The incident occurred around 11 a.m. when the girls skipped their classes to go to the picturesque waterfall along with six other friends. Three of the girls were studying in the SIES College of Arts, Science and Commerce.
 
The three girls have been identified by the college authorities as Aarti Nair, Neha Dama and Shweta Nand. 
 
The fourth victim, Sneha Jain, was not from the same college. She has been identified by some of her friends who were part of the picnic group. All the drowned students are in the 18-19 years age group.
 
"The college is functioning normally, despite heavy rains. The classes started at 7.30 a.m., but these three girls were absent today. We also learnt of this tragedy from the police and mediapersons," college Principal Milind Vaidya told IANS.
 
Pandavkada waterfalls are listed as a dangerous picnic spot and picnickers are banned from going there. It is not clear how the girls managed to reach the restricted area and whether there was security deployed at the spot.
 
In 2010, at least 12 students had drowned in the waterfall, and in 2005 four had been swept away by the swirling waters of the fall.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

IT raids top Mumbai realtor in Rs 700 crore tax evasion case

ADVERTISEMENT
The Income Tax Department carried out raids at 40 premises in Mumbai and Thane belonging to a leading Mumbai realtor for a tax evasion case of around Rs 700 crore, official sources said here on Friday.
 
The raids, which started five days ago, are still continuing and the IT sleuths have unearthed various incriminating evidences pertaining to the tax evasion by the group whose identity has not been revealed.
 
The IT found evidence related to receipts of 'On Money' on sale of residential and commercial blocks, bogus unsecured loans availed, fake long term capital gains and various other sham transactions to evade income of about Rs 700 crore
 
'On Money' receipt on sales of residential/commercial blocks of around Rs 100 crore were corroborated during the raids.
 
The searches also revealed certain peculiar transactions by accounting jugglery to evade taxes on around Rs 525 crore.
 
The IT sleuths also found incriminating evidence on modus operandi establishing the introduction of accommodation loans by the company which were found to be fraudulent.
 
They also detected use of entry providers/hawala operators for long term capital gains by the promoters of the group during the IT action, besides jewellery worth around Rs 14 crore.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex stages 500-pt bounce-back on likely PMO intervention

The Sensex took a sharp u-turn during Friday afternoon trade gaining over 500 points from its intra-day low on reports of possible government intervention to arrest the prolonged fall in markets.
 
The highly volatile trade session saw the Sensex closing with a 100-point gain at 37,118.22 before it fell to 36,607.41 on a surprise move by the US to levy additional tariffs on Chinese goods overnight.
 
According to reports, officials of the Prime Minister's Office (PMO) and the Finance Ministry met to discuss the controversial super-rich tax proposed in last month's Union Budget, which has since caused an exodus of Foreign Portfolio Investments (FPIs).
 
Consequently, the benchmark Sensex closed 100 points higher at 37,118.22, while the broader Nifty settled 17.35 points higher at 10,997.35.
 
"Benchmark indices bounced back in afternoon trade after media reports suggested that Prime Minister's Office and Finance Ministry top bureaucrats were in talks over foreign portfolio investor (FPI) surcharge issue," Deepak Jasani of HDFC Securities said.
 
Besides, State Bank of India (SBI) on Friday reported a consolidated net profit for the quarter at Rs 2,950.50 crore, versus a loss of Rs 4,230.44 crore a year ago.
 
The state-run lender's provisions and contingencies dropped 51.54 per cent to Rs 9,448.71 crore in the quarter, from Rs 19,499.21 crore a year ago.
 
Most Asian markets fell on Friday after US President Donald Trump vowed to levy 10 per cent tariff on the remaining $300 billion worth of Chinese goods, sparking fears of an escalation in the prolonged trade row.
 
European stocks posted their biggest drop of 2019 on Friday, while German bond yields hit record lows, after the US President fired his latest salvo in the trade war with China.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

India’s forex reserves fall by $ 727.1 million to $ 429.649 billion

ADVERTISEMENT
India’s foreign exchange reserves fell by $ 727.1 million to $ 429.649 billion during the week ended July 26, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had soared by $ 1.578 billion to a new record high of $ 430.376 billion during the previous week.
 
In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had dipped by $ 1.734 billion to $ 399.357 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves went up by $ 1.025 billion to $ 25.33 billion, while its special drawing rights (SDR) decreased by $ 2.8 million to $ 1.444 billion.
 
India’s reserve position in the International Monetary Fund (IMF) declined by $ 15.8 million to $ 3.5178 billion, the bulletin added.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Essar Port’s Vizag Terminal registers 45% cargo growth; triples third-party cargo handling

ADVERTISEMENT
Essar Vizag Terminal Limited (EVTL), that operates the 24-million-tonnes (MT) Vizag terminal, which is India’s largest integrated iron ore handling complex located on the outer harbour of Visakhapatnam Port, has announced a 45% growth in overall cargo throughput in the quarter ended June 30, 2019.
 
The significant growth in overall cargo was primarily driven by a sharp rise in third-party cargo, with volume more than tripling when compared with the corresponding quarter in FY 2018-19, a press release from the company said.
 
Cargo volumes from the anchor customer increased by 5.6% over the same period. The share of third-party cargo in the overall cargo volumes grew to 40.6%, it said.
 
According to the release, competitive advantage through the high degree of mechanisation at the terminal and the state-of-the-art cargo handling equipment that helps ensure rapid turnaround times have been the key drivers for attracting new clients.
 
Essar Ports is one of India’s largest private sector port and terminal developers and operators. It has invested Rs 11,000 crore in developing five world-class terminals in three Indian states. Its current operations span four terminals with a combined capacity of 110 MTPA, which is roughly 5 per cent of India’s port capacity. The company is a leader in the non-containerised bulk cargo space. Having clocked a throughput of 40 MT in FY19, Essar Ports is expecting to handle over 60 MT in the current financial year.
 
"All Essar Ports terminals use advanced cargo handling infrastructure and are equipped to double capacity in the near to medium term. The company is, therefore, focused on not only enhancing cargo throughput, but also on ramping up capacity and contributing meaningfully to the Government of India’s ambitious target of developing 3,130 MT of port capacity in the country by 2020," the release said.
 
Outside India, Essar’s port assets include a liquid terminal in the UK and a coal berth in the development stage at Mozambique’s Beira port.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex falls 356 pts amid US-China trade tension

ADVERTISEMENT
As the US decided to raise further tariffs on Chinese goods, global markets took a beating on Friday.
 
The Sensex and Nifty along with other global markets traded with heavy losses after US President Donald Trump said: "The US will start, on September 1st, putting a small additional tariff of 10 per cent on the remaining 300 billion dollars of goods and products coming from China into our country."
 
At 10.04 a.m., the Sensex was trading 356.43 points lower at 36,661.89. It opened at 36,920.11 lower from its previous close of 37,018.32.
 
The broader Nifty traded 111.25 points lower at 10,868.75.
 
The Indian markets are going through one of the worst patches ever. A mix of negative news since the budget has eroded massive wealth.
 
On Thursday, the hawkish comments from the US Federal Reserve had pushed the Nifty below the 11,000 mark.
 
Besides, the autos sales data and macro-economic data released earlier, has failed to cheer investors.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Rupee ends at five-month low post hawkish Fed comment

ADVERTISEMENT
The Indian rupee fell to a five-month low while gold lost sheen after a surprise hawkish tone of the US central bank on Thursday.
 
The Indian rupee weakened to Rs 69.05 from its Wednesday's close of Rs 68.79 after the US central bank stated that the rate cut was "not the beginning of a long series of rate cuts". 
 
The precious metal also declined by half per cent. At the Multi Commodity Exchange (MCX) at 20.55 IST gold expiring in August was trading at Rs 35,235 per 10 gram, down Rs 184 or 0.52 per cent. It fell to a low of Rs 35,025 per 10 gram earlier. 
 
"Market was expecting a 25 bps rate cut and Fed delivered it. Though it was the first rate cut in a decade, it was a pre-emptive action to protect the US economy from slowing global growth and impact of the ongoing US-China trade war," said Rahul Gupta, Currency Research Head, Emkay Global Financial. 
 
"Ideally a rate cut should have depreciated the dollar, however, the unexpected hawkish tone of Fed led to a dollar rally. Also, the risk appetite plunged, putting pressure on emerging market currencies, resulting in a gap down opening in the rupee."
 
Gold contract expiry in December was trading at Comex at $1427.25 per troy ounce, lower by $10.75 or 0.27 per cent from previous close. 
 
Earlier the contract fell to $1412.25 during the Thursday's trade.
 
Commodity expert Ajay Kedia of Kedia Commodity attributed the fall in gold prices to strengthening of the dollar which followed the rate cut.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

M&M's July sales down 15% on subdued consumer sentiment

ADVERTISEMENT
Automobile major Mahindra and Mahindra (M&M) on Thursday reported a 15 per cent decline in its total vehicle sales for July, owing to tight liquidity and low buying sentiment in the domestic market.
 
The total sales of the company fell to 40,142 units last month, against 47,199 units sold during the corresponding period of 2018.
 
Similarly, the company's domestic sales plunged by 16 per cent to 37,474 units from an off-take of 44,605 units in the like period of last year.
 
However, M&M's exports inched higher by 3 per cent to 2,668 vehicles in July.
 
"The headwinds faced by the automotive industry continue as a result of subdued consumer sentiment, triggered by various factors," said Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, M&M.
 
"The industry needs stimuli to help revive consumer demand and conversions. We hope that the overall buying sentiment will improve in the run-up to the festive season and with the monsoon turning out to be better than initially anticipated," he added.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex drops 463 points on Fed's hawkish comment

Indian investors woke up to another surprise on Thursday as the US Federal Reserve went for a rate cut on the dotted lines but gave a hawkish note on future policy rates amid a marked slowdown in global economic activity.
 
Both the key Indian benchmark indices declined sharply. While the broader Nifty which had crossed 12,000 mark post-polls fell 138 points to 10,980 points, the Sensex closed 462.80 points, lower at 37,018.32.
 
The US central bank, while slashing the policy rates by 25 basis points, for the first time since 2008, said it was "not the beginning of a long series of rate cuts".
 
Indian stocks are already having a bad spell over exodus of foreign funds caused by a tax-surcharge in the Budget and a dismal ongoing corporate earning season.
 
"There has been clear overdose of challenging news flow for the past one month," said Jagannadham Thunuguntla of Centrum Broking.
 
"The Fed Chairman's statement that interest rate cut isn't the start of rate-cut cycle has dampened the excitement of investors, as Fed denied playing to the capital-market-gallery," he added.
 
Global markets felt the pinch of the Fed's hawkish remark. US indices S&P 500 and Nasdaq ended over 1 per cent lower. Most Asian markets also ended lower over additional concern of slowdown in China and South Korea.
 
European shares, however, recovered from early losses on Thursday as a solid batch of bank earnings outweighed the impact of falling expectations of US interest rate cuts, said Deepak Jasani of HDFC Securities.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex crashes 500 pts after Fed's hawkish remarks

The BSE Sensex plunged by over 500 points to fall below the 37,000-point mark during the afternoon trade on Thursday.
 
Indian equities in line with global markets fell as the US Federal Reserve after slashing the interest rates by 25 basis points, first since 2008, said it is "not the beginning of a long series of rate cuts".
 
Fed's hawkish comments amid a slowdown took the global investor by surprise and this resulted in a sell-off.
 
At 12.08 p.m., the Sensex was trading 468.06 points lower at 37,013.06. It hit an intra-day low of 36,976.97.
 
Only 8 of the Nifty 50 stocks traded in the green. Among the top losers were Vedanta, Zee, Tata Motors, JSW Steel and Hindalco, which fell in the range of 3 to 5 per cent.
 
The gainers were Wipro, Infratel, Power Grid and Maruti Suzuki.
 
Meanwhile, Cafe Coffee Day shares hit lower circuit for the third day in a row since CCD founder V.G. Siddhartha mysteriously disappeared and was found dead on Wednesday.
 
The CCD shares stood at Rs 110.95 apiece.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Dia Mirza and husband Sahil Sangha call it quits

Dia Mirza and Sahil Sangha (File photo: IANS)
Dia Mirza and Sahil Sangha (File photo: IANS)
Actor-producer Dia Mirza and her husband Sahil Sangha announced separation on Thursday after five years into their marriage.
 
Dia tied the knot with her long-time beau Sahil on October 18, 2014. However, after 11 years of knowing each other, Dia and Sahil have decided to part ways amicably.
 
"We remain friends and will continue to be there for each other with love and respect. While our journeys may lead us down different paths, we are forever grateful for the bond that we share with each other," Dia posted on social media.
 
She thanked her family, friends and the media for their continued love and support while requesting everyone to respect their privacy at this point of time. 
 
The actress was last seen on the big screen alongside Ranbir Kapoor in Rajkumar Hirani's "Sanju", which released in June last year. She is also active on the digital platform and is featuring in "Kaafir".
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Equity indices open in red; Sensex down 185 points

ADVERTISEMENT
The key Indian equity indices opened on a negative note on Thursday, with the BSE Sensex down over 180 points.
 
The domestic indices traded in line with global indices, as Asian markets also were largely trading in the red.
 
At 9.33 a.m., the Sensex traded at 37,295.29, lower by 185.83 points or 0.50 per cent from the previous close of 37,481.12.
 
It opened at 37,387.18 and has so far touched an intra-day high of 37,387.18 and a low of 37,238.48.
 
The Nifty50 on the National Stock Exchange traded at 11,066, lower by 19.40 points or 0.47 per cent from the previous close of 11,085.40.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Coffee Day board appoints S. V. Ranganath as interim chairman

ADVERTISEMENT
The board of Coffee Day Enterprises on Wednesday appointed S. V. Ranganath as its interim chairman after the police in Mangaluru earlier recovered the body of its founding Chairman V. G. Siddhartha almost 36 hours after he went missing.
 
The board in its meeting, which commenced at 10.30 a.m. and went on till 1 p.m., also decided to appoint Nitin Bagmane as the interim Chief Operating Officer (COO), a company statement said.
 
"Constitution of an Executive Committee comprising S. V. Ranganath (Non-Executive Independent Director), Nitin Bagmane (COO) and R. Ram Mohan (CFO) to exercise the powers previously vested with the Chief Executive Officer of the Company and the Administrative Committee constituted by the Board in 2015," it said. 
 
The board will, in due course, prepare a detailed charter of authorities vested in the executive committee and approve the same, the statement said, adding that the executive committee will, inter alia, explore opportunities to deleverage the Coffee Day Group.
 
After Cafe Coffee Day owner went missing late on Monday, his body was fished out of the Netravathi river in Karnataka by a group of fishermen, some distance away from the bridge where the coffee baron was last seen.
 
The company further said that the board took cognizance of statements in the purported letter from Siddhartha relating to financial transactions outside the knowledge of the senior management, auditors and the board. 
 
"While the authenticity of the letter is unverified and it is unclear whether these statements pertain to the company or the personal holdings of V. G. Siddhartha, the board took serious note of the same and resolved to thoroughly investigate this matter."
 
Condoling Siddhartha's demise the board said that it had resolved to lend its "support and expressed full confidence" in the company's management team. 
 
The Board also took note of a message from Siddhartha's wife Malavika Hegde expressing support and trust in the company's professional team and the common effort to look after the interest of the employees and all other stakeholders, said the statement.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Congress, NCP lose 4 MLAs, ex-Minister, woman leader to BJP

ADVERTISEMENT
On anticipated lines, the beleaguered Maharashtra Opposition Congress and Nationalist Congress Party lost four sitting legislators, one former Minister, a state-level woman leader and other activists as they crossed over to join the ruling Bharatiya Janata Party (BJP) here on Wednesday, party sources said.
 
Seven-time Congress legislator Kalidas Kolambkar (Wadala in south Mumbai), NCP's Sandeep Naik (Airoli), Vaibhav Pichad (Akole) and Shivendra Raje Bhosale (Satara) on Tuesday quit their parties and legislative seats. 
 
Besides, state NCP's women's wing President Chitra Wagh also joined the BJP to a huge round of applause.
 
All the newcomers were welcomed to the party fold by state BJP President Chandrakant Patil and Chief Minister Devendra Fadnavis, Mumbai BJP chief M. P. Lodha, cabinet ministers and senior party leaders at a function here on Wednesday morning.
 
Patil assured that all the new entrants would be given suitable roles befitting their stature in the party as he hinted at more walkovers from the Opposition to the BJP before the Assembly elections to be held in October.
 
The crossover of these opposition leaders took place a day before Fadnavis embarks on his state-wide 'Mahajanadesh Yatra' to kickstart the poll campaign.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex down 178 points, CCD loses 20%

ADVERTISEMENT
The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note. The news of Cafe Coffee Day owner V G Siddharth's death shocked investors and led to panic selling of the company's stocks.
 
The Sensex of the BSE opened at 37,257.55 and touched a high of 37.275.62. The Sensex touched a low of 37,135.93.
 
CCD stocks hit the lower circuit again for the second day in a row during early trade. It fell by 20 per cent to Rs 123.25 per share. 
 
The Sensex is trading at 37,218.49 down by 177.75 points or 0.48 per cent from its Tuesday's close of 37,397.24.
 
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 11,034.05 after closing at 11,085.40. It is trading at 11,038.60 points.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex loses 289 points in heavy selling of bank stocks

Sharp selling of automobile and state-run bank stocks on Tuesday led the Sensex to fall 289 points.
 
Indian Bank fell over 13 per cent, Bank of India fell nearly 7 per cent while most other constituents of PSU Bank index declined in the range of 2 to 6 per cent.
 
The acute stress in the auto sectors continued to show on the bourses while the metal stocks also declined sharply over growth concerns.
 
The Sensex closed 289.13 points lower at 37,397.24 from its previous close of 37,686.37. It opened at 37,735.54 from its Monday's close of 37,686.37. The Nifty fell 103.80 points lower at 11,085.40.
 
"Broad-based selling dragged the indices to lower level as investors remain cautious ahead of US-China trade talks, FED policy, US job data and mixed bag of ongoing domestic corporate results," Vinod Nair, Head of Research, Geojit Financial Services, said.
 
"Liquidity constraints and sluggish outlook on auto sector indicates that consolidation may continue. Fall in 10-year bond yield in expectation of further 25bps rate cut by the RBI may ease liquidity crunch to some extent."
 
Shares of Indiabulls Housing Finance took a heavy hit in the past two days amid allegations of embezzlement of more than Rs 1 lakh crore from the National Housing Bank (NHB). However, the company has denied the same.
 
Coffee Day Enterprises hit the lower circuit on the BSE during early trade after reports that V. G. Siddhartha, the company's founder, has gone missing.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Kerala CPI-M Secretary's son appears for DNA test

ADVERTISEMENT
Kerala CPI-M state Secretary Kodiyeri Balakrishnan's son Binoy Kodiyeri on Tuesday presented himself at a hospital in Mumbai and gave his blood sample for a DNA test, as directed by the Bombay High Court.
 
The court on Monday ordered the CPI-M veteran's son to appear for a DNA test and posted the case for August 26 when his petition requesting quashing of the FIR registered against him at the Oshiwara police station came before the court.
 
The court directed that the test reports be placed in a sealed cover and handed over in two weeks.
 
A 33-year-old Mumbai-based woman had filed a complaint before the police alleging that Kodiyeri had sexually exploited her for several years on the pretext of marriage and that they had an eight-year-old child.
 
After being on the run for some time, Kodiyeri this month got bail from the Dindoshi court in Mumbai on the condition that he should undergo a DNA test while cooperating with the police investigation.
 
But he failed to undergo a DNA test on three occasions.
 
According to the complaint, the woman entered into a relationship with him while working at a dance bar in Dubai in 2008 and till 2015 he used to send her money every month.
 
She filed the FIR after coming to know that Kodiyeri was already married.
 
IANS
 
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Shares of Coffee Day Enterprises down 20% as founder goes missing

ADVERTISEMENT
Coffee Day Enterprises hit the lower circuit on the BSE during the early trade on Tuesday following reports that V. G. Siddhartha, the company's founder, has gone missing.
 
Siddhartha reportedly went missing late on Monday. He was last seen on a bridge over a river in Mangaluru in Karnataka.
 
According to reports, a search operation is currently underway while Siddhartha's phone remains switched off.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Vodafone Idea shares plummet, group shares hit too

ADVERTISEMENT
Vodafone Idea shares on Monday fell sharply after the Q1 results were announced, erasing over Rs 7,000 crore of its market cap in just a day.
 
The company's shares hit all-time low levels over the sudden revenue deterioration reported in its quarterly results, reflecting the stress in the Indian telecom sector. 
 
Selling was seen in other group companies, which saw a total decline of over Rs 17,000 crore. 
 
Grasim Industries slipped over 9 per cent and Aditya Birla Capital by over 4 per cent. Others like Aditya Birla Money, UltraTech Cement, and Hindalco Industries fell in the range of 1 to 3 per cent. 
 
The sell-off of Vodafone Idea shares came on the back of investor concerns on the stability of the company and saw its scrips fall as much as 29 per cent on the BSE before closing 27.03 per cent lower at Rs 6.75 apiece. 
 
JM Financial, in its investor note on Vodafone Idea, said that the company's key performance indicators (KPIs) show "eroding consumer mind-share and perception, driven primarily by its 4G coverage/capacity deficit relative to (Airtel) Bharti and Jio". 
 
Evaluating the results, the brokerage firm said that Vodafone Idea reported a "sudden revenue deterioration", which could have panicked the investors on Monday. 
 
Vodafone Idea had on Friday reported a loss of Rs 4,873.9 crore in the June quarter against the Rs 4,881.9 crore loss in the previous quarter. Its revenue fell to Rs 11,269.9 crore as against Rs 11,775 crore in the March quarter. 
 
The brokerage firm highlighted the sharp decline in Vodafone Idea's subscriber base, which dropped by 14 million (quarter-on-quarter). 
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex ends 196 points lower, Nifty below 11,200

Led by heavy selling in metal and auto stocks, the Sensex and Nifty resumed their declining trend on Monday after a pause on Friday.
 
While investors are distancing themselves from metal companies on the bourses over growth concerns, the auto sector is going through one of the worst patches in recent times, owing to the lack in demand.
 
The Sensex closed 196.42 points lower at 37,686.37, reversing early gains. The benchmark index had opened above the 38,000 mark. The broader Nifty settled 95.10 points lower at 11,189.20.
 
"Increase in auto registration cost, lack of liquidity and confusion over issuance of the India sovereign bond impacted the market. Rate cut expectation is high as FM (Finance Minister) is looking for significant ease in interest rate to spur economic growth," Vinod Nair, Head of Research, Geojit Financial Services, said.
 
"The undercurrent is not very supportive since insipid Q1 results are adding clouds over the near-term visibility," he added.
 
Besides, investors are cautious ahead of key results from companies like ITC, Bharti Airtel, Hero MotoCorp and Axis Bank.
 
On Monday, Foreign Portfolio Investors (FPIs) sold Rs 704.42 crore worth of scrips, taking the net outflow to a staggering Rs 14,728.47 crore in the month of July.
 
"Continued nervous unloading from FPIs and local non-institutional investors have led to a situation of continued erosion in values, either based on results or even otherwise," Deepak Jasani of HDFC Securities said.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

It's disrespectful, there is nothing between me and Rohit: Kohli

Virat Kohli (File photo: IANS)
Virat Kohli (File photo: IANS)
India skipper Virat Kohli today quashed rumours of a rift in the team, saying he is baffled by talk of things not going well between him and vice-captain Rohit Sharma.
 
"In my opinion, it's baffling. To be honest, it's absolutely ridiculous to read such stuff that comes out. I have been to a few public events and the sentiment is 'aap log kya khele' (you guys played so well)," he said, while addressing a media conference here ahead of the West Indies tour.
 
"We are feeding off lies. We are overlooking facts. We are turning a blind eye to all the good things that have happened. We are creating fantasies and scenarios in our head and want to accept that this is the truth," Kohli said.
 
"I have seen this for too long now. Bringing personal lives into the picture. It's disrespectful after a moment. There is nothing between me and Rohit," he said.
 
It all started when news was leaked in the media that a senior player had got his wife to stay with him for longer than the 'family clause' of the BCCI allows and that too without the permission of the captain and coach. 
 
This after former Chief Justice of India R. M. Lodha and senior BCCI officials questioned the decision of the Committee of Administrators (COA) to let the captain and coach decide on the travel plans of WAGs.
 
In a bizarre move, a Committee of Administrators (CoA) member had told IANS that the committee wouldn't react to rumours of rift till the players approached them.
 
"The CoA cannot be reacting to reports in the media. If the players have any issue, they can/should bring it up with us. As far as the committee is concerned, there is no rift till the players talk of it with us," the member had said.
 
The trouble apparently started brewing post the loss to England in the World Cup. The bowling unit supposedly felt humiliated post a team meeting after the defeat in the group-stage encounter.
 
"The bowlers were given a showdown after the loss and they felt that it wasn't just a case of bad bowling and there were more areas that needed to be looked into before pointing fingers at the bowling unit," a source in the know of developments had told IANS.
 
Another board functionary said that the reports of rift need to be addressed at the earliest to avoid a scenario wherein the performance of the team can start getting affected.
 
"It is like any other discord at a workplace which can affect the performance of the team. If this is not nipped in the bud immediately, there is a real danger of things affecting the spirit of the team and, as a result, their performance.
 
"You cannot have two leaders of a team or their media teams taking pot-shots at one another. There is no denial of a rift and the big shot administrator says that it is a media creation. If that is the case why are they giving impetus to the media creation rather than dispelling it," the functionary had said.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

SBI reduces interest rate on deposits across all maturities

State Bank of India building (Photo: IANS)
State Bank of India building (Photo: IANS)
State Bank of India (SBI), the country's largest lender,  today reduced its interest rates on all retail term deposits (less than Rs. 2 crore) and bulk term deposits (Rs. 2 crore and above) with effect from August 1, 2019.
 
A press release from the bank said this had been done in view of the falling interest rate scenario and surplus liquidity.
 
"For time deposits with longer tenors, there is a reduction upto 20 bps (basis points0 in the Retail segment and 35 bps in the Bulk segment. Interest rates have been slashed by 50-75 bps for time deposits with shorter tenors, i.e. upto 179 days. Full details are available on the Bank’s web site," the release added.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Sensex slightly in red ahead of major results

The Indian equity market traded in the red during the early trade on Monday ahead of key corporate earning results of ITC, Bharti Airtel, Hero MotoCorp and Axis Bank.
 
The performance of the sector heavy-weights will also be a cue for the investors to judge the intensity of the ongoing showdown in the economy.
 
At 9.54 a.m., the Sensex was trading 54.06 points lower at 37,828.73. It opened higher at 38,043.22 from its Friday's close of 37,882.79.
 
The broader Nifty traded 39.50 points lower at 11,244.80.
 
"Post the budget announcement, market participants looked completely dejected and it's clearly reflected in the price action thereafter," Sameet Chavan of Angel Broking said.
 
In his outlook for this week, Chavan said: "We expect stock specific action to continue and should ideally be avoiding aggressive positions. We reiterate that the ongoing decline is providing excellent opportunity to grab some of the marquee names that had seen gravity defying moves since a year and are finally undergoing some price correction."
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

Woman who had labour pains in stalled train safe

ADVERTISEMENT
A nine-month pregnant woman who suddenly went into labour pains in the stranded Mahalaxmi Express train, stuck in floodwaters at Vangani outside Mumbai for nearly 18 hours, was rescued safely on Saturday, officials said.
 
Earlier on Saturday, her panicky relatives sent out urgent appeals from the D1 bogey seeking help to rush her to a hospital to avoid complications.
 
The woman, identified as Reshma T. Kamble, was proceeding from Mumbai to Kolhapur for delivery but the train was stranded in Thane flood waters since late Friday evening.
 
Later, it transpired that there were another nine women on board in different stages of pregnancy who were in distress and awaited food and medical help for hours, giving anxious moments to their relatives.
 
"Fortunately, all the pregnant women were evacuated on priority by the rescue teams, given preliminary medical help or kept under observation. All have been safely discharged now and there were no medical complications for any of the women," Central Railways' Chief Spokesperson Sunil Udasi told IANS.
 
The Indian Army, Indian Air Force, Indian Navy and the National Disaster Response Force had launched one of the biggest operations in the state since the great floods of July 26, 2005, to rescue an estimated 1,200 passengers stranded on the train with around 3-5 feet water on all sides.
 
Later this afternoon, the operation concluded successfully with all the passengers being taken to safer havens at Badlapur or Kalyan, without a single injury to anyone, said Udasi.
 
IANS

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 

More than 1,000 passengers rescued from stranded train, Mumbai region flooded

More than 1,000 passengers, including nine pregnant women, on the Mahalaxmi Express which was stranded for nearly 18 hours in heavy flood waters, around 90 km from Mumbai, were rescued in a massive, multi-agency operations by Saturday afternoon, officials said.
The Kolhapur-Mumbai Mahalaxmi Express, with about 1500 people on board, stranded in 4-5 feet flood waters near Vangani station, Thane, since Friday night after heavy rains lashed Mumbai and surrounding areas. (Photo: IANS)
The Kolhapur-Mumbai Mahalaxmi Express, with about 1500 people on board, stranded in 4-5 feet flood waters near Vangani station, Thane, since Friday night after heavy rains lashed Mumbai and surrounding areas. (Photo: IANS)
More than 1,000 passengers, including nine pregnant women, on the Mahalaxmi Express which was stranded for nearly 18 hours in heavy flood waters, around 90 km from Mumbai, were rescued in a massive, multi-agency operations by Saturday afternoon, officials said.
 
Central Railway Chief spokesperson Sunil Udasi said 1,050 passengers were safely evacuated without injuries from the train, which was stuck near Vangani, while the State Disaster Authority pegged the figure at 1,200, in what became the biggest joint operation in the state by the Indian Air Force, Army, Navy, the NDRF, state police, the Railway Police, local agencies, NGOs and volunteers since the July 26, 2005 floods.
 
Four National Disaster Response Force (NDRF) teams from different cities like Mumbai, Thane and Pune rushed to the train and evacuating the train passengers using eight inflatable rubber boats.
 
Besides, seven Indian Navy teams of divers with specialised equipment, a Seaking and MI-17 helicopters of the IAF, and two columns of Indian Army from Mumbai already in Thane and two more en route, were also deployed for the massive operations. Union Minister of State for Home Nityanand Rai called up Chief Minister Devendra Fadnavis and offered all help from the Centre.
 
The rescue operation picked up pace post-noon when rain subsided a little, enabling quicker movement of personnel and the evacuated passengers carrying their luggage and minor children to safer spots.
 
Many weary passengers attempted to walk, but when they, especially the senior citizens, lost strength, police and other rescuers promptly hoisted them on their shoulders and took them to safety.
 
A few local villagers, many of whom were also stranded in the flood waters, also ventured out to help the train passengers early in the day before the official rescue teams from Mumbai, Thane and Pune reached the venue.
 
The passengers were brought off the train into boats and taken to a small village around 1.5 km away where the villagers welcomed them with water, hot tea and biscuits and even carried their luggage and the kids.
 
From there the passengers boarded buses, vans and smaller vehicles to go to Badlapur, seven km away. A fleet of ambulances with three dozen doctors including gynaecologists were deployed there to tackle any emergency.
 
Nine-month pregnant Reshma T. Kamble, who went into labour, was shifted to the Shushrut Hospital in Badlapur where she is now under observation.
 
The Central Railway then ferried the rescued passengers by a local train to Kalyan where a 19-coach special train was kept ready to take them to Kolhapur, famed for its Goddess Mahalaxmi Temple. A railway official also said that the authorities were also ready to take those passengers who so wanted back home to various destinations in Mumbai.
 
A group of senior citizens, who were proceeding on a pilgrimage to Kolhapur, decided to cancel their plans and return to Mumbai.
 
"We are very thankful to all the rescue agencies and the villagers who took great pains to help and rescue us. Now, we are very tired by this ordeal and will complete our pilgrimage later," one of them told media persons.
 
Fadnavis had instructed Chief Secretary Ajoy Mehta to personally monitor the evacuation operations and coordinate with various agencies engaged in the rescue works.
 
The Chief Minister also said that the district administration had made arrangement for meals, tea and fresh water at the Sahyadri Mangal Karyalaya and other locations in villages on the route between the stranded train and Badlapur.
 
Passengers stranded in the Mahalaxmi Express on the flooded railway tracks at Vangani being rescued, in Maharashtra's Thane on July 27, 2019. (Photo: IANS)
Passengers stranded in the Mahalaxmi Express on the flooded railway tracks at Vangani being rescued, in Maharashtra's Thane on July 27, 2019. (Photo: IANS)
Meanwhile, the CR also said that it would also decide later how to shift the train and clear the tracks for restoring the train traffic on that route, as water considerably receded by evening and the adjacent railway track was visible.
 
In Thane, around 550 people stranded in the towns of Kalyan, Dombivali, Badlapur and Titwal were also saved from the flood waters by the rescue teams till this evening.
 
Thane Guardian Minister Eknath Shinde took a boat and went on an inspection tour of the affected areas in Vangani and its surroundings.
 
Rain continued to lash the coastal districts and many towns were practically underwater since early on Saturday as flooding local rivers and other water bodies overflowed into residential areas.
 
The busy Mumbai-Goa Highway was blocked this afternoon after a landslide near Khed. There are no immediate reports of any casualties.
 
Mumbai Airport operations suffered with cancellation of 11 flights and nine diversions early on Saturday, but the situation returned to normal by 9 a.m., official sources said.
 
While Mumbai's lifeline, the suburban trains functioned with delays of 15-20 minutes on Western Railway and CR, the latter had to cancel services between Karjat-Kalyan (in Thane) owing to floods and waterlogging on the tracks since Friday.
 
Though the country's commercial capital continued to get intermittent showers, the worst-hit were Thane and Ratnagiri with towns of Ulhasnagar, Murbad, Badlapur, Tiwala, Vangani, Khed, Mangaon, Mandangad, Chiplun and surroundings practically submerged.
 
Heavy rain lashed Palghar, Pune and Nashik on Saturday, with the IMD forecasting similar weather for the next couple of days in the entire coastal region including Mumbai.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

Did you like this story? Make a donation and help us to serve you better.
ADVERTISEMENT
 
Syndicate content
© Copyright 2012 NetIndian. All rights reserved. Republication or redistribution of NetIndian content, including by framing or similar means, is expressly prohibited without the prior written consent of NetIndian Media Corporation. Write to info[AT]netindian[DOT]in for permission to use content. Read detailed Terms of Use.