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Archives for May 2016

IPL: Royals dethrone Kings in a must-win game

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GL

Bengaluru: Hosts Royal Challengers Bangalore (RCB) dethroned Kings XI Punjab on early Thursday by 91 runs in a must-win league tie to keep its hopes of a place in play-offs alive in the IPL-9 season at the Chinnaswamy stadium here.

Chasing an imposing target of 212 in 15 overs RCB had set by piling up a whopping 211 for three wickets in 15 overs after heavy rain delayed the match by 110 minutes on Wednesday night, Kings scrambled to make 120 for 9 wickets in 14 overs, when sudden rain again forced the umpires to call off the match.

The third consecutive victory propelled the home team to the second position from fifth position in the points table, with 14 points from seven wins in 13 games by virtue of its record net run rate of +0.926, ahead of Kolkata Knight Riders (KKR), Mumbai Indians (MI) and Gujarat Lions (GL) who all have 14 points each with 7 wins.

Chances of a berth in semis brightening up with a hat-trick of victories, RCB will play its last league tie against Delhi Daredevils on May 22 at Raipur in Chattisgarh to stay on the course.

After RCB’s openers Chris Gayle and skipper Virat Kohli rattled the Kings XI bowlers to register a record 149-run first wicket partnership in 67 balls (11.1 overs), it was the turn of Royal bowlers to dominate the game by unsettling the latter’s batsmen and making the contest one-sided.

As Kings lost wickets at regular intervals, its top and middle order failed again, with Wriddhiman Saha being the top scorer at 24 in 10 balls.

RCB’s only leggi Yuzvendra Chala was the most successful bowler taking four wickets in three overs for 25 runs, while Shane Watson and S. Arvind bagged two each in two overs each.

Earlier, put to bat by Kings XI skipper Murali Vijay who opted to field despite winning the toss, man-of-the-match Kohli set a new record by scoring his fourth century (113 in 50 balls with 8 sixes and 12 fours) in this IPL season and Chris Gayle returned to form by hitting 73 in 32 balls with 8 sixes and four boundaries.

Desperate efforts by Vijay to break the partnership or get either of them out early failed as Kolhi and Gayle were in full cry and batted with disdain.

While the first 50 came in 4.4 overs of the six-over power play, the first 100 of RCB’s innings came in 8.5 overs.

Though Vijay used as many as five bowlers to contain the openers, there was no respite for Kings till Gayle got caught by David Miller of Arshad Patel ball in 11 over when RCB score was 147 on the board.

After in-form AB de Villiers was bowled for a duck in 12th over, keeper K.L. Rahul joined Kohli to take the score to 199 when the skipper was caught by Miller off Sandeep Sharma ball at 113 comprising 8 sixes and 12 fours in just 50 balls.

Rahul and Kohli were involved in a 45-run third wicket partnership in 15 balls.

Rahul remained till the end at 16 not out.

Patel, Sharma and Abbot of Kings shared one wicket each of RCB’s batters.

RCB retained the same team that won by 9 wickets over Kolkata Knight Riders (KKR) in Kolkata on May 16, while Punjab made three changes, bringing in Farhaan Behardien, Kyle Abbot and K.C. Cariappa in place of Glen Maxwell, Marcus Stoinis and Anureet Singh.

(IANS)

Kerala poll: Sreesanth clean bowled

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Sreesanth

Thiruvananthapuram: Former cricketer S Sreesanth, who recently joined the BJP, was on Thursday finished at the third spot in his Thiruvananthapuram constituency in the Kerala assembly elections.

State health minister VS Shivakumar retained the seat.

Sivakumar polled 46,474 votes, winning over his nearest rival Antony Raju by a margin of 10,905 votes. Raju polled 35,569 votes.

Sreesanth came third with 34,764 votes.

As of latest media reports, the LDF is leading in 89 seats, UDF in 49 and BJP in 1.

Sreesanth was given a life ban by the BCCI in September 2013 after being found guilty of spot-fixing in that year’s IPL tournament. However, a Delhi court exonerated Sreesanth along with two other cricketers–Ankeet Chavan and Ajit Chandila–in July 2015 in the high-profile IPL match-fixing case which had blown the lid off cricket’s biggest scandal in recent times.

The 33-year-old had earlier said his name had been cleared by the court in the match-fixing case and he was not worried about any political attack over the controversy.

(Agencies)

TMC in WB; BJP in Assam; AIADMK in TN; LDF in Kerala

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West Bengal Tamil Nadu

New Delhi: The BJP appears to have stormed Assam unseating Congress which also looks like losing Kerala as incumbent TMC and AIADMK are cruising comfortably to retain power in West Bengal and Tamil Nadu.

In the Union Territory of Puducherry, Congress-DMK alliance was ahead in the 30-member assembly closely followed by AINRC headed by Chief Minister and former Congressman N Rangaswamy.

Assam is on the road to making history with BJP set to get its first government in the North East by dislodging Congress which has been in power for three consecutive terms.

The saffron party was leading in 73 of the 126 seats while the ruling Congress was trailing far behind at 33. The ADUF led by Badaruddin Ajmal was ahead in 13 seats. ‘Others’ were leading in eight seats.

In West Bengal, Mamata Banerjee’s TMC maintained its hold against an unlikely alliance of CPI(M) and Congress and her look like bettering its last election performance. The TMC was ahead in 216 seats out of total 294. The Left parties are leading in 30 and Congress in 37 while BJP was ahead in 9 seats.

As per trends, J Jayalalithaa-led AIADMK appears to be winning Tamil Nadu for a straight second term, bucking the tradition since 1989 when a ruling party has not returned to power. AIADMK’s performance has also disproved several exit poll predictions which had tipped the DMK-Congress alliance to come to power.

The AIADMK was leading in 126 seats while DMK-Congress alliance was ahead in 91 seats. While the third front of parties headed by DMDK’s Vijaykant failed to make any impact, the PMK which contested all the 234 seats could lead only in seven seats.

In Kerala, the Left Front was well on the road to dislodge Congress from power keeping up the tradition of voting out the incumbent government. The Left Democratic Front was ahead in 88 of the 140 seats while the ruling UDF was behind at 50.

According to trends, BJP may make a maiden entry in the state with the party said to be leading in one seat.

In Puducherry, the Congress-DMK alliance was leading in 13 of the 30 seats. The ruling AINRC was leading in 12 seats while AIADMK was ahead in two seats.

(Agencies)

NBCC – On sound turf

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NBCC

NBCC maintained strong execution run rate and posted 39% YoY jump in revenue growth for Q4FY16. One-off employee costs led to reported EBIDTA margin falling 220bps YoY to 7.8%. However, adjusted PAT was in line with estimates. Aided by order intake worth INR175bn during FY16, the company’s order book stands at ~INR310bn (book-to-bill at 5.3x) with further ~INR300bn projects at various stages of approval. Robust revenue visibility, cash-rich balance sheet and near monopoly in redevelopment space will enable NBCC to post 30% plus PAT CAGR over FY16-18E. Maintain ‘BUY’ with a revised target price of INR1,267 (INR1,278 earlier).

Robust execution continues
Top line surged 39% YoY to INR23bn in Q4FY16 (our estimate INR22.6bn) with ~INR3bn contribution from Kidwai Nagar project (INR9bn in FY16). One-time provision for post retirement medical benefits as well as special bonus to employees on achievement of ‘Navratna’ status impacted margins. Reported PAT, at INR1.4bn, was up 4% YoY; adjusted for one-offs, it would have been in line with estimates. The company delivered 32% top-line growth in FY16 with adjusted post growing ~20%.

Strong revenue visibility, opportunities galore
NBCC ended the year with order book of INR310bn (FY15 order book at ~INR193bn). In addition, projects worth ~INR300bn (including 2 projects from DDA, government colonies redevelopment in Delhi) are at an advanced stage of approval. Management expects sanction for redevelopment of government colonies in Delhi to come by July end. These projects will require initial investment of INR3-5bn.

Outlook and valuations: Attractive; maintain ‘BUY’
Operating leverage and increasing share of redevelopment projects will improve margin trajectory going ahead. Burgeoning order book, robust return ratios (25%+ RoEs) and cash-rich balance sheet make NBCC a worthwhile bet in our view. We maintain ‘BUY’ with a revised target price of INR1,267, based on 27x FY18E EPS.

Allahabad Bank – No cheer, all staid;

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Allahabad Bank

Allahabad Bank (ALBK) reported INR5.8bn loss in Q4FY16 impacted by muted revenue momentum and blow up in asset quality. Slippages spiked to INR74bn (>19% versus 4-5% run rate in past 6 quarters). Revenue momentum was tepid with NII slipping >12% YoY. However, controlled opex cushioned profitability. Factoring in higher-than-anticipated credit cost, we prune our FY17/18E earnings by ~10%/9%. On operational front ALBK’s competitive prowess will be severely impacted given diversion towards clean up coupled with capital constraints for growth (which may not be forthcoming for mid-sized PSU banks) thus we see operating profitability to remain under pressure. Maintain ‘HOLD’.

Slippages spike further; outlook cautious
Slippages catapulted to INR74bn, with INR9.75bn on account of banks AQR and INR49bn accounts related to other banks AQR. Management highlighted things are unlikely to improve soon as balance sheet clean up continues (INR87.2bn of SMA-II accounts need monitoring). Additionally, performance of accounts under 5:25 scheme (INR14.6bn), SDR cases (INR17.8bn), higher exposure to stressed segments (I&S and power) and overall elevated stressed assets (NNPLs plus restructured book) at > 12% keeps us guarded.

Revenue traction drags, lower opex cushions profitability
Soft NII growth (down >12% YoY on muted loan growth and softer NIMs) fed into slower revenue traction, in turn leading to >9% YoY decline in core operating profitability. Lower opex (down > 5% YoY) cushioned profitability. Given structural challenges, we see operating profitability remaining under pressure.

Outlook and valuations: Structural challenges lurk; maintain ‘HOLD’
Apart from high asset quality stress, mid-size PSU banks are hampered on operational front too. We perceive clear demarcation between large and mid-size PSU banks and expect pressure to continue in latter. Given increasing BASEL III requirement and limited capital support from government, dilution risk is imminent at weak multiples, which will be detrimental to shareholders’ returns. The stock is trading at 0.5x FY18E P/BV (post dilution). We maintain ‘HOLD/SU’ with TP of INR58.

Samajwadi Party names Amar Singh, Beni Verma for RS election

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amar singh

Lucknow: Over six years after it expelled Amar Singh, the Samajwadi Party today “unanimously” declared him as its candidate for the Rajya Sabha polls, setting the stage for his possible return to the party.

The party also nominated six others, including former Union minister Beni Prasad Verma, an influential Kurmi leader who recently quit Congress and returned to the Samajwadi Party, and realtor Sanjay Seth for the biennial polls scheduled next month.

When asked about when would Singh, a former confidante of Mulayam Singh Yadav, rejoin the party, Shivpal Singh Yadav, a UP Minister and brother of party supremo Mulayam Singh Yadav said,” It will be decided by Netaji (Mulayam) and Amar Singh. We have earlier also sent Congress leaders Pramod Tiwari and P L Punia to Rajya Sabha.”

Amar Singh along with his close associate Jaya Prada were expelled from the Samajwadi Party in February, 2010. He floated his own political party, Rashtriya Lok Manch, in 2011, and fielded a large number of candidates in 2012 assembly polls. However, none of his candidates won. He had joined the Rashtriya Lok Dal and contested the 2014 Lok Sabha poll from Fatehpur Sikri but lost.

Samajwadi Party denied there were “differences” over some candidates and claimed the decision on fielding them for the Rajya Sabha polls was “unanimous”.”The SP parliamentary board has unanimously decided seven names for Rajya Sabha. There were no differences and party supremo Mulayam Singh Yadav was authorised to take the final decision. The names were read out in the meeting,” Shivpal, also the party spokesman, told reporters.

The board has taken the decision after much thought and it will strengthen the party, he said, refuting reports of certain “objections” raised over some candidates at the meeting held today.

The seven candidates are — Beni Prasad Verma, Amar Singh, Sanjay Seth, Sukhram Singh Yadav, Reoti Raman Singh, Vishwambhar Prasad Nishad and Arvind Pratap Singh.

Seth is a controversial Lucknow-based builder, who was earlier recommended to be nominated an MLC by the ruling party but his name was not approved by Governor Ram Naik. The governor had also rejected the government’s proposal to nominate Rajvijay Singh and Kamlesh Pathak to the Legislative Council, contending that they did not qualify for it due to criminal cases pending against them.
Both Ranvijay Singh and Kamlesh Pathak figure in the list of eight candidates for the Legislative Council polls.

Others are Balram Yadav, Shatrudra Prakash, Yashwant Singh, Bukkal Nawab, Ram Sundar Das and Jagjivan Ram.

The Governor had clarified that under Article 171(5) of the Constitution, MLCs are to be nominated from five fields — literature, art, science, cooperative movement and social service, and these belonged to none of these category.

The support of 37 MLAs would be needed for a candidate’s victory the Rajya Sabha polls.

As per the existing strength of different parties in the 403-member state Assembly, Samajwadi Party with 227 MLAs would be able to get six nominees elected to the Rajya Sabha, the BSP two, and BJP one. Of the nine seats falling vacant, BSP has six and SP three.

(PTI)

MCD bypolls: AAP wins 5, Cong- 4 and BJP-3

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compulsory voting Gujarat

New Delhi: Aam Aadmi Party won five and Congress won four wards each while the BJP won from three wards in the MCD bypolls for 13 wards, results of which were declared today.

Independent candidate Rajender Singh Tanwar won from Bhati ward where the maximum votes had been polled in the bypolls held on Sunday last.

AAP candidate Abhishek Bidhuri won from Tekhand ward by a margin of 1555 votes defeating BJP candidate Sunil Verma. Other winners from the party were Ramesh from Matiala ward, Anil Malik from Nanakpura and Ashok Kumar from Vikas Nagar ward, election officials said.

Congress candidate Pankaj won from the Jhilmil ward by a margin of 2419 votes. Pankaj defeated ex MLA and BJP candidate Jitender Singh Shunty. Congress candidate Yogita Rathi won from the women reserved seat of Munirka. The party candidates also won from Khichdipur and Qumraddin Nagar.

BJP candidate Bhupinder Mohan Bhandari won from Shalimar Bagh by a margin of 1451 votes. Party candidate Dr Mahender Nagpal won Wazirpur ward by 3608 votes while Nawada candidate Krishan Gehlot won by 4843 votes.

(Agencies)

Swamy to PM: Rajan ‘mentally not fully Indian’, sack him immediately

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subramanian swamy

New Delhi: In a fresh salvo at RBI Governor Raghuram Rajan, BJP MP Subramanian Swamy has written to Prime Minister Narendra Modi seeking immediate sacking of the former IMF Chief Economist while alleging he was “mentally not fully Indian” and has “wilfully” wrecked the economy.

Following up his barb against Rajan at the end of Parliament session last week, Swamy yesterday wrote to Prime Minister seeking termination of Rajan’s services with immediate effect.

“The reason why I recommend this is that I am shocked by the wilful and apparently deliberate attempt by Dr Rajan to wreck the Indian economy,” he wrote adding his concept of raising interest rates to contain inflation was “disastrous.”

Also, bad loans with public sector banks has doubled to Rs 3.5 lakh crore in two years, he said.

Rajan was appointed RBI Governor by the previous UPA government in September 2013 for a three-year term, which can be extended.

“These actions of Dr Rajan lead me to believe that he is acting more as a disrupter of the Indian economy than the person who wants the Indian economy to improve.

“Moreover he is in this country on a Green Card provided by the US government and therefore mentally not fully Indian. Otherwise why would he renew his Green Card as RBI Governor by making the mandatory annual visit to the US to keep the Green Card current?” he wrote.

Swamy had last week stated that Rajan was “not appropriate for the country” as he had in the garb of controlling inflation raised interest rates leading to “collapse of industry and rise of unemployment in the economy.”

“The sooner he is sent back to Chicago, the better it would be,” he had told reporters in Parliament House.

Rajan is the on-leave Professor of Finance at the University of Chicago’s Booth School of Business.

After assuming charge as RBI governor in September 2013, Rajan gradually raised the short-term lending rate from 7.25 per cent to 8 per cent and had retained the high rates throughout 2014.

He kept the rates high, citing inflationary concerns despite intense pressure from the Finance Ministry and the industry for softening them with a view to boosting growth.

The Governor began the process of lowering the rates in January 2015 and since then it has come down by 1.50 per cent to 6.50 per cent.

Swamy in the letter to Modi said the BJP came to power under his inspiring leadership. “I cannot see why someone appointed by the UPA Government who is apparently working against Indian economic interests should be kept in this post when we have so many nationalist minded experts available in this country for the RBI Governorship.”

He urged Modi “to terminate the appointment of Dr Raghuram Rajan in the national interest.”

Swamy, who was earlier this month nominated to Rajya Sabha by the BJP government, said Rajan’s concept of containing inflation by raising interest rates was “disastrous.”

“When the Wholesale Price Index (WPI) started to decline due to induced recession in the small and medium industry, he shifted the target from WPI to the Consumer Price Index (CPI) which has not however declined because of retail prices. On the contrary it has risen.

“Had Dr Raghuram Rajan stuck to WPI interest rates would have been much lower today and given huge relief to small and medium industries. Instead they are squeezed further and consequent increasing unemployment,” he wrote.

Rajan, Swamy said, was “acting more as a disrupter of the Indian economy than the person who wants the Indian economy to improve.”

(Agencies)

“My debut directorial movie is partly an autobiographical film”: Tanuj Bhramar

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Tanuj Bhramar 3

Director Tanuj Bhramar happens to be hailing from Ranchi – Jharkhand. He also happens to ber a new kid on the block to wield the megaphone for his directorial debut with Dear Dad. It is a sweet & simple story of a father & son who discover more about each other when they embark on a road trip. Present herewith is a brief telephonic 1st person interaction with him.

“I was born in Dhanbad and then went to a boarding school in Dehradoon and then I went to Columbia Film School as I always wanted to deal with creatively oriented fine arts and being a painter I had this good visualising power and of course I picked up the ropes of the varied departments of film making in Columbia Film School.”

Tanuj Bhramar 1

“Frankly speaking no! Whatever directional skills I acquired was in Columbia Film School. Then I made many promotional films on Cricket for my Video Club and then I just believed in exploring & evolving. Before taking up the direction of “Dear Dad” I explored further by making a short film titled “Resurrection”.

“My debut directorial movie is partly an autobiographical film because it is based on the bitter sweet memories of me & my dad, by the time I went to the boarding school we had shifted to Delhi from Ranchi – Jharkhand. So whenever my dad was free he used to drop me to Dehradun after my holidays and during those road trips we discovered many things about each other.”

“After I had finished writing the script of “Dear Dad” it was my casting director Anmol Ahuja who suggested Arvind Swamy Sir’s name for the Dad’s role. We were initially sceptical as Arvind Sir had not done a Hindi film for a long time. Anyways we went and met him in Chennai and sounded off the script of “Dear Dad” to him and he said he needed some time to think. The 1st meeting went off well and Arvind Sir also proved to be a good host. He called up after almost 2 months and wanted to meet us. I agreed thinking that even if he refused the film we can at least fill our tummies with good food. But jokes apart Arvind Sir said that he will do the film but only on one condition that the story of “Dear Dad” must be told from a Dad’s perspective too, whereas I had written the script from the son’s perspective. No problem we merged both the Dad & the Son’s perspective and the result was just great and proved very beneficial.”

“I would say that “Dear Dad” is a bitter sweet coming of age story; involving a father – son duo, 14 year old Shivam, and his 45 year old dad Nitin Swaminathan. The father – son duo embarks on an impromptu road trip from their home, in Delhi, to Mussorie (Uttarakhand), where Shivam attends a boarding school. The road trip entails unexpected confessions, weird strangers, accidental meetings, a drunken escapade and singing in the rain, all these add up to a complicated & a sweet tale.”

“I wanted to make a feel good film and I think I have succeeded in doing that. My target audiences are of course all the dads & their sons. Of course all the moms & their daughters are invited too. There have been many films made on moms & their daughters but there are very few & rare films made on the dads & their sons.”

“In the end I would like to add that I would like everyone to come & watch the film “Dear Dad” which is releasing on 13th May, 2016. As a parting shot I would also like to thankfully complement Arvind Sir, my other actors Himanshu Sharma, Ekavali Khanna & Aman Uppal and of course all my technicians for helping me to make such a beautiful film like “Dear Dad”.

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