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You are here: Home / Archives for 2016

Archives for 2016

Indonesia: Death penalty, castration for child rapists

May 26, 2016 by Nasheman

Tough new punishments aimed at combating alarming rate of child sex abuse, but activists say measures will not work.

Protests against sexual violence increased after the gang rape and murder of a 14-year-old girl [EPA]

Protests against sexual violence increased after the gang rape and murder of a 14-year-old girl [EPA]

by Al Jazeera

Indonesia’s introduction of tougher punishments for child sex offenders, including the death penalty and chemical castration, has won public applause – but activists are warning that the measures will not serve as a deterrent.

President Joko Widodo signed a decree on Wednesday introducing the harsher penalties, which also include fitting monitoring devices to offenders after their release from jail, in response to public anger at the fatal gang-rape of a schoolgirl.

The 14-year-old was snatched by a group of drunken men and boys on western Sumatra island in April and was found days later in woods, tied up and naked.

The case sparked a national debate about sexual violence and as more reports of sex attacks emerged, pressure mounted on the government to take action.

The new punishments mostly won praise in Indonesia, where there is strong backing for the death penalty, with members of the public and politicians voicing support.

“Castration is intended to have a deterrent effect and prevent repeat sexual offences,” said Abdul Malik Haramain, a politician from the Islamic party the National Awakening Party, which is part of the ruling coalition.

He insisted that castration would not violate human rights, as offenders would go through a legal process before the punishment was handed down.

Activists push back

Nevertheless, activists were unhappy, suggesting the punishments were a knee-jerk reaction.

Hartoyo, a prominent gay rights activist who has campaigned against the new punishments, said the regulation amounted to an “act of vengeance”.

“It only shows that the government is panicking and has no real understanding about sexual violence,” added the campaigner, who like many Indonesians goes by one name.

Nur Kholis, of the National Commission on Human Rights, said his group was generally against the death penalty and did not believe that castration would have a deterrent effect.

The presidential decree brings the new punishments immediately into effect, although parliament could later overturn them.

The death penalty can be handed down to child rapists where the victim has died or suffered serious mental or physical injury, while chemical castration can be used in cases of repeat child sex offenders.

Under previous laws, the maximum sentence for rape – including of a minor – was 14 years in jail.

Indonesia has already faced much criticism for its use of capital punishment, sparking outrage last year when it put seven foreign drug convicts to death by firing squad.

The government did not give any further details on the electronic monitoring devices. Local media previously reported that a microchip could be implanted in child sex offenders’ legs on their release from jail.

Filed Under: Muslim World Tagged With: Indonesia

Wonderla Holidays – In-line quarter; Hyderabad park to spearhead growth

May 26, 2016 by Nasheman

Wonderla Holidays

Wonderla Holidays’ (Wonderla) Q4FY16 revenue came in line with our estimate, while PAT surpassed it riding lower-than-estimated tax rate. Revenue growth was 22.1% YoY with flattish footfalls. EBITDA rose mere 7.9% YoY impacted by higher staff and labour costs (top level hiring and labour cost at new park) and service tax provision. PAT jumped 14.9% YoY to INR76mn as tax rate dipped 376bps QoQ. Wonderla took lower price hike of ~4% in existing parks in FY17 (10% historically) and will compensate it with higher number of peak days. Maintain ‘BUY’.

Mixed footfall trend; price hike impacts college/school crowd
Key highlights: (i) while Bengaluru footfalls rose 6.7% YoY, Kochi posted 8.1% YoY dip; (ii) footfalls were impacted by slowdown in group crowd (~32% of total) which was dented by higher price hikes in FY16 (~23% to counter service tax hike); (iii) EBITDA margin slipped 324bps YoY due to service tax provision of INR47.9mn and higher employee costs; and (iv) resort revenue rose 21.4% YoY with 45% occupancy.

Q4FY16 conference call: Key takeaways
Q1FY17 has seen flattish growth till now. The company estimates 4-5% growth in footfalls in FY17. School and college crowd is also estimated to return in FY17 as the pricing hike is lower. Wonderla has commenced RFID based cashless transactions at Hyderabad Park on trial basis—should be convenient to consumers (expect 50% to shift to this). The company has started operating 1 additional restaurant each at legacy parks, which is estimated to be margin accretive. F&B posted ~45-48% gross margin. Management maintained FY17 footfall guidance of 0.7mn at Hyderabad Park (expects to touch 1mn in 3 years).

Outlook and valuations: Positive; maintain ‘BUY’
Excellent management pedigree, strong brand, new Hyderabad park (commenced on time and received good response) and reasonable pricing place Wonderla in a sweet spot. Ergo, we estimate the company to clock EBITDA CAGR of ~33% over FY16-18. At CMP, the stock is trading at 18.3x and 14.6x FY17E and FY18E EV/EBITDA, respectively. We maintain ‘BUY/SO’ with target price of INR429 (16x FY18E EBITDA).

Filed Under: Business & Technology Tagged With: Wonderla Holidays

IPL: KKR eliminated, SRH to face Lions in second qualifier

May 26, 2016 by Nasheman

kkr

New Delhi: Two time champions Kolkata Knight Riders’ campaign in Indian Premier League 9 ended after going down to Sunrisers Hyderabad by 22 runs in the eliminator here on Wednesday.

Famed Hyderabad’s bowling line-up led by Bhuvneshwar Kumar with three wickets, proved too good for the KKR batsmen, who failed to put up a fight to finish at 140/8 in their 20 overs.

Chasing 163, KKR were off an identical start as Hyderabad losing in-form opener Robin Uthappa (11) cheaply before skipper Gautam Gambhir (28) and all-rounder Colin Munroe (16) took the team to 46/1 in the powerplay.

Gambhir and Munroe batted sensibly to put on 38 runs for the second wicket before the New Zealander perished to a silly run out off a sensational throw from Yuvraj Singh.

Playing at his home ground, Gambhir failed to read the bounce of the Kotla track as he miscued a short delivery from Ben Cutting.

With KKR needing 99 from the last 10 overs, the team landed in further trouble as incoming batsman Yusuf Pathan (2) fell to a beautiful running catch from Bhuvneshwar Kumar off Moises Henriques.

Next in Manish Pandey (36) and Suryakumar Yadav (23) batted sensibly to take the team past the 100-run mark by the 14th over.

Yadav, who survived a scare on 15, when pacer Mustafizur Rahman dropped him at the third man boundary, could add only eight runs before a brilliant running catch from Shikhar Dhawan off Henriques ended the 46-run fifth wicket stand.

Requiring 39 from the last three, Pandey, in his attempt to cope with the growing run-rate fell to a miscued shot off Bhuvneshwar after adding only 10 runs with Rajagopal Sathish (8).

With hopes of reaching the second qualifier fading, West Indian Jason Holder (6) joined Sathish but the duo could do little as Bhuvneshwar packed them off in the last over.

Tailenders Sunil Narine and Morne Morkel failed to trouble the scores as the side fell short by 22 runs to bow out of the cash-rich tournament.

For Hyderabad, Bhuvneshwar was the wrecker-in-chief with three wickets while Henriques took two. Cutting and Barinder Sran chipped in with a wicket each.

Earlier, KKR restricted Sunrisers to 162/8 after sending them to bat.

Kuldeep Yadav put up yet another impressive show with three wickets to break the backbone of the Sunrisers batting, who were off to a disappointing start.

Yuvraj (44) and Henriques (31) top-scored for Hyderabad after the side lost the key wicket of in-form opener Dhawan (10) cheaply.

After losing Dhawan, skipper David Warner (28), who was dropped by Pathan in the fifth over, resurrected the innings with incoming batsman Henriques to take the team to 43/1 in the powerplay.

Both the Australians pounced on the easy offerings from the KKR bowlers to raise a 59-run stand for the second wicket before Henriques was brilliantly caught and bowled by Yadav.

With Hyderabad struggling at 71/3 after 10 overs, incoming batsmen Yuvraj and Deepak Hooda (21) took the attack to the opposition with some glorious shots to take the team past the 100-run mark at the start of the 15th over.

The left-right combination went on milking runs at will before the Haryana batter threw away his wicket to a silly run-out ending the 49-run fourth wicket stand.

Coming in next, Aussie all-rounder Cutting failed to trouble the scorers as Yadav packed him with the first ball of his second spell to be beautifully stumped by Uthappa.

Wicketkeeper-batsman Naman Ojha (7) then joined Yuvraj in the middle and the duo added a quickfire 21 runs for the sixth wicket before the Punjab southpaw was clean bowled by Jason Holder.

All-rounder Bipul Sharma (14) hit a couple of lusty sixes off Morne Morkel in the final over to take Hyderabad to 162/8.

For KKR, Yadav was the pick of the bowlers with three wickets while Holder and Morkel chipped in with two wickets each.

The Sunrisers will now take on Gujarat Lions in the second qualifier on Friday for a place in Sunday’s final against Royal Challengers Bangalore.

Brief Scores: Sunrisers Hyderabad 162/8 (Yuvraj Singh 44, Moises Henriques 31, David Warner 28, Kuldeep Yadav 3/35) vs Kolkata Knight Riders 140/8 (Manish Pandey 36, Gautam Gambhir 28, Bhuvneshwar Kumar 3/19, Moises Henriques 2/19)

(IANS)

Filed Under: Sports Tagged With: Cricket

Tata Power Company – A sigh of relief in few assets

May 26, 2016 by Nasheman

Tata-Power

Tata Power Company (TPC) sprung a positive surprise in Q4FY16 with Mundra UMPP reporting a nominal profit and solar business also turning black. Despite ~INR1bn exceptional items, consolidated PAT at INR3.6bn was marginally lower than our ~INR3.9bn estimate. APTEL has directed CERC to compute relief to be provided due to change in Indonesian coal pricing norms by July. Meanwhile, TPC continues to eye investments in renewable space and overseas markets for growth. Owing to the delay in completion of Arutmin transaction and weak outlook on coal, we cut target price to INR82 (INR98 earlier). Maintain ‘BUY’.

A few subsidiaries turnaround-but not enough to move earnings

Good part of TPCs numbers was earnings surprise in Maithon/Mundra as well as positive contribution from solar. While Mundra UMPP reported PAT of INR90mn due to annual truing up of fixed charges, Maithon project, riding commencement of 150MW PPA with Kerala, reported INR740mn PAT, which is expected to sustain going forward. Tata Solar too turned around to report INR40mn PAT (INR40mn/INR240mn loss in Q3FY16/Q4FY15). However, TPC’s standalone profit was lower due to INR2.25bn provision towards investments in Tata Teleservices. Additionally, the exposure of standalone entity to Mundra now stands at INR35bn, which also has sub-optimal returns. EBIT of coal mine for the quarter was stable at ~INR2.6bn (QoQ), but the concern is that SPV’s debt of USD900mn has not dipped.

Growth plans largely through renewable and overseas assets

TPC does not appear to be in value unlocking mode and capital generated is likely to be deployed to commission ~500MW renewable projects in pipeline. The company may also continue to pursue programme of adding renewable assets in Africa/Georgia.

Outlook and valuations: Awaiting CERC’s decision; maintain ‘BUY’

Given that TPC has infused INR35bn worth of sub-debt in Mundra UMPP, the APTEL directive to CERC to compute the relief under change-in-law is critical for the company going ahead. We have revised down FY18E earnings 5% on revision of our coal realisations. Factoring in these and the delay in closure of Arutmin transaction and resultant increase in loans, we have revised our SOTP-based target price to INR82 (assumed Mundra past CT recovery of INR10bn). At CMP, the stock is trading at 1.2x FY17E and 1.1x FY18E P/BV. We maintain ‘BUY/SP’.

Filed Under: Business & Technology Tagged With: Tata Power Company

AIA Engineering – Volume beat, but realisation dips

May 26, 2016 by Nasheman

AIA Engineering

AIA Engineering’s (AIA) 2% decline in revenue and 9% growth in EBITDA in Q4FY16 came 7% and 19% ahead of estimates, respectively. Sales beat was driven by 5.7% YoY volume growth with 13% YoY spurt in mining volumes. However, realisation declined 6% YoY. While management remained upbeat on achieving additional volumes of 120,000MT over FY17-19E, concerns remain on margins with management withdrawing guidance owing to variables like aggressive pricing strategy and emerging market currency volatility. With earnings CAGR of mere 4.6% leading to 270bps dip in RoCE over FY16-18E, we maintain ‘HOLD’. However, we remain structurally positive in the long term with scope to raise our conservative 54% capacity utilisation estimate for FY18.

Tepid volumes owing to challenging scenario
Sales declined 2% YoY with volume growth of 5.7% YoY at 53,502MT for Q4FY16 and down 0.5% YoY in FY16 to 185788mt (mining volumes grew 12.9% YoY to 28,594MT for Q4FY16 and declined 5% YoY to 100684MT for FY16). Management maintained that overall volumes remained flat in FY16 owing to certain strategic and conscious decisions taken by the company viz. restricting sales to Ukraine, reduction in South African market volumes owing to currency uncertainties and volume reduction owing to closure of one particular iron ore mine in Brazil. Realisation declined 6% YoY in Q4FY16 and 2% YoY in FY16.

Margin guidance uncertain; capex forecast maintained
Management has withdrawn EBITDA margin guidance (earlier 22-23%) citing emerging market currency volatility and competitive pricing strategy adopted by AIA. Though gross margin dipped 180bps to 62.3%, EBITDA margin grew 290bps YoY to 28.9% on hedging gains. Management guided for capex of INR1.5bn in FY17 and INR2bn in FY18.

Outlook and valuations: Fairly valued; maintain ‘HOLD’
Management highlighted its continued focus on market share expansion and hence maintained its strong capacity addition guidance. Concerns remain on margins led by aggressive pricing. With earnings CAGR of mere 4.6% leading to 270bps dip in RoCE over FY16-18E, we maintain ‘HOLD’, valuing the stock at 18x FY18E. However, we remain structurally positive in the long term with scope to raise our conservative 54% capacity utilisation estimate for FY18. Stock currently trades at PER of 18.7xFY18E

Filed Under: Business & Technology

A Free Wheeling Interview With Extremely Talented Actor Prashant Narayanan

May 26, 2016 by Shaheen Raaj

Prashant Narayanan, an actor par excellence, needs no special introduction. He is too down to earth to be true. Time & again Prashant has proved his versatility in varied films that too in varied negative oriented albeit dark shaded characters and garnered critical accolades beyond imagination. Indeed he is an actor to be reckoned with as he tackles each roles with an effortless ease. And he has continued in the same veins by portraying the role of a human trafficker in his latest suspense thriller namely FREDERICK.

Prasant Narayanan

Right at the outset how about enlightening us with your as usual negative role in FREDERICK which is on the verge of release this week!

Frankly speaking my role in FREDERICK has violent shades beyond imagination but it has far greater depth. You just can’t term it as the same kind of typed and usual role that I or the other actors are compelled to do time & again. My character’s reactions in FREDERICK are out of love & angst. I have enacted the role of a person who gets involved in the racket of human trafficking. I have played many roles in different cinema but Fredrick has something which is unusually different. Cine goers will not be disappointed at all.

Can you narrate briefly what is FREDERICK all about?

Actually speaking FREDERICK is an emotional love story but on the other hand it can also be termed as an intense psychological thriller full of mysterious elements. Besides it is full of family values. There is lot of love & concern for the people. It will enthral the cine goers as well as keep them hooked with its edge of the seat suspenseful moments. It has lot of reactionary actions. You see Shaheen most of the films are action oriented but FREDERICK is mostly reactionary I mean it is reaction oriented. And that is what makes FREDERICK so exciting.

How was it working with a debutant director Rajesh Butalia?

I never had any qualms about working with a debutant director in my earlier movies too. As debutant director brings about a lot of volatile energy on the sets of the film & Rajesh Butalia was no exception. In fact he was more focussed and always acted as a cool dude and it inspired all the actors to give off their best. Rajesh maybe a new director but as far as his vision for the film was concerned they were perfect. He knew what he wanted and he got what he wanted from all of us I mean all the artistes as well as the technicians. Frankly speaking what I like about debutant directors is that they don’t come with fixed notions on the sets. And as I mentioned earlier there was a volatile energy everywhere and believe me Rajesh was very clear of what he wanted. Moreover as a director he brought about a lot of freshness throughout the film. I hail from a theatre background and working with debutant directors or for that matter even actors too was always a learning experience as they come out as extremely confident & talented especially actors who sometimes deliver some memorable performances in the film. For that matter I have played many roles in varied cinema but FREDERICK has something which is unusually different.

And what would you say about your producer Manish Kalaria?

First of all I would say that my producer Manish Kalaria also popularly known as MK is a perfect gentleman and above all a perfect businessman. It was a boon to have a producer like Manish Kalaria. Hats off to him for backing a new director I mean Rajesh Butalia and that too without any interference. In fact he had full confidence in all of us and also give a free hand to director Rajesh Butalia to make the film as per his vision and I believe MK is quite happy with the end product.

It seems that the music of FREDERICK has really impressed you a lot!

You bet! The music of FREDERICK has really impressed me. For the 1st time in my career I have really got carried away with the music of FREDERICK. I am really very happy with the music of the film that has garnered a lot of appreciation. The most interesting song is “Waqt Gaya Tham” sung by KK which has ultimately turned out to be my personal favourite. And you won’t believe it Shaheen when I confess that I have literally blackmailed & pressurised my director Rajesh Butalia, who has also written the lyrics of this song and composed beautifully by music director Sunjoy Bose, to picturise this song on me. Besides the other songs also composed by Sunjoy Bose like “Tera Zikra”, “Rangeeniyan” and above all “Khuda Tune” are also very melodious & foot tapping. And for a change the music does not prove be road block for a thriller film like FREDERICK. In fact it entertains and even enlivens the proceedings of the film FREDERICK.

Filed Under: Film Tagged With: Film, Movie, Prashant Narayanan

Faizabad Bajrang Dal chief held over holding weapons training camp

May 26, 2016 by Nasheman

Bajrang Dal

Faizabad: The convenor of Faizabad and Ayodhya unit of Bajrang Dal Mahesh Mishra was arrested today for allegedly hurting the religious sentiments of Muslims and spreading communal hatred, days after the right-wing Hindu outfit held a weapons training programme, police said.

The Hindu right organisation had on May 14 held a training camp where Bajrang Dal activists executed a mock drill of eliminating “rioters and terrorists” wearing scull caps and checked scarves, traditionally worn by Muslims.

After police registered a case against office bearers and activists of the saffron outfit at Kotwali police station in Ayodhya late Tuesday night, Mishra was arrested this evening, Faizabad Senior Superintendent of Police Mohit Gupta said.

Police said Mishra and others were booked for spreading communal hatred and breach of peace as they projected Muslim youths as rioters and terrorists at the training programme.

Uttar Pradesh Governor Ram Naik had yesterday defended holding of weapons training camp by the hardline organisation, which faced criticism by the state’s ruling Samajwadi Party.

“This arms training is for the purpose of self defence. There should not be any objection from any quarter. The intention behind this exercise is what counts,” Naik had told reporters.

However, Samajwadi party had slammed the training sessions and termed it as a “terrorist training”.

“Such kind of mock drills can be conducted only by government agencies. Now organisations are conducting these in their own way, like we see ISIS, Hizbul Mujahideen and naxals doing it. I see this as a terrorist training,” Syed Asim Waqar,” SP spokeperson said.

Photographs of Bajrang Dal cadres brandishing rifles, swords and even sticks in the camps had gone viral on social media and news channels.

(PTI)

Filed Under: India Tagged With: Bajrang Dal

SC allows Italian Marine to return home

May 26, 2016 by Nasheman

Salvatore Girone Massimilliano Latorre

Bengaluru: The Supreme Court today allowed Salvatore Girone’s plea seeking relaxation of bail conditions, to enable him to return to Italy. His request was supported by the Government on humanitarian grounds.

Two Italian marines, Massimiliano Latorre and Salvatore Girone are facing charges of murdering two fishermen in 2012 off the Kerala coast. Latorre was allowed to return to Italy after a stroke in 2014 while Girone is staying at the Italian embassy in New Delhi.

Italy asserts that the incident took place in international waters and, therefore, the Marines should be tried in Italy or in an international court. India, however, maintains that it can try them because it says the killings happened in coastal waters under Indian jurisdiction and the victims were Indians.

A UN arbitration tribunal had earlier ruled in favour of Girone, held in India on murder charges, by allowing him to return home pending the arbitration proceedings at the Hague.

The Supreme Court last year suspended all court proceedings against the duo in pursuance of an interim order of the International Tribunal for the Law of the Sea (ITLOS) asking India to maintain “status quo” in the case.

(Agencies)

Filed Under: India Tagged With: Salvatore Girone

Modi’s rule ‘most disappointing’ for country: Congress

May 26, 2016 by Nasheman

bjp-congress

New Delhi: Terming the performance of two- year-old Modi Government as the “most disappointing” for any dispensation since independence, Congress today said there is little to celebrate for the country,as it fielded a battery of senior leaders to counter government’s claims of development and delivery.

“Modi ji why are you celebrating. Is there prosperity all around in the nation,” party spokesperson Kapil Sibal said adding, these were “two years of hollow promises”.

Attacking the NDA government on a wide range of issues from economy and employment to foreign policy, the Congress leaders also contrasted Prime Minister Narendra Modi’s performance vis a vis his predecessor Manmohan Singh under UPA rule.

The opposition party alleged that the NDA government is “surviving just on advertisements” and challenged it for a debate.

“Singh did not talk much but his work was bespeaking. Modi ji keeps on talking but his work speaks of nothing…. I challenge Modi government, any of its minister to come and debate with us,” Sibal said.

“Modi ji why are you celebrating….Is Varanasi (Modi’s Parliamentary constituency) clean now? Have the youths got employment? Did the farmers’ suicide stop. What has happened in last two years that you are celebrating?”

The AICC also released a short film titled “pragati ki tham gai chaal, do saal, desh ka bura haal (The pace of progress is halted, the country in a bad shape in two years)”, slamming the government on 10 issues, besides making a power-point presentation which projected the government’s performance as “abysmal”.

Addressing the joint press conference, Leader of Opposition in Rajya Sabha Ghulam Nabi Azad, Leader of Congress in Lok Sabha Mallikarjun Kharge, AICC Communication Department Chairman Randeep Surjewala and Sibal alleged that the two-year tenure of the government is full of “hollow promises”.

(PTI)

Filed Under: India Tagged With: Congress

AIADMK’s Seenivel passes away on oath taking day

May 25, 2016 by Nasheman

S M Seenivel

Chennai: For the second time in five years, the ruling AIADMK has lost one of its legislators on the day of swearing-in of newly elected MLAs to the Tamil Nadu Assembly.

S M Seenivel, who was elected to the Tamil Nadu Assembly from Tirupparankundram constituency, died of stroke today. The news of his death brought back memories of another AIADMK Minister, who passed away in 2011, when he was rushing to Chennai for the swearing-in of MLAs.

AIADMK leader from Tiruchirappally, N Mariam Pitchai, was killed in a road accident hours before the swearing-in of the members of the 14th Assembly in 2011.

He died in an accident on Chennai-Tiruchirappally highway near Perambalur.

Pitchai had been allotted the Environment portfolio by Chief Minister J Jayalalithaa.

Today, Seenivel breathed his last at a private hospital in Madurai where he had been admitted on May 18 after complaining of illness. He died of stroke.

Seenivel could not attend the AIADMK MLAs’ meeting on May 20, where Jayalalithaa was elected as the Legislature party leader.

(PTI)

Filed Under: India Tagged With: S M Seenivel

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