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Enough of introspection, time for action: Digvijay Singh

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Digvijaya Singh

New Delhi: A day after he called for a “major surgery” in the party after its losses in assembly polls, Congress general secretary Dijviajay Singh said on Friday that the party needs to act now as “enough introspection” has been done after the 2014 Lok Sabha debacle.

“Now, whatever introspection had to happen has happened. What we need now is action, and that action has to be decided by the president (Sonia Gandhi) and vice president (Rahul Gandhi),” Dhe told India Today TV.

Singh’s comments came a day after Sonia Gandhi talked of introspection following the debacle in Assam, Kerala, West Bengal and Tamil Nadu. Singh said the party leadership had taken the feedback post 2014 and hoped that a roadmap had been prepared.

“Whatever I had to say and other thousands of people had to say, they have given their suggestions to the party which have been sifted. Hopefully they have planned a road map.

“So when I talk of surgery, it is the surgeon who has to decide the surgery he or she wants to do,” he added.

Singh had on Thursday called for a major surgery in the Congress after its electoral defeat.

While the Congress lost power in Kerala and Assam, it fared miserably in Tamil Nadu and failed to click in West Bengal. Its sole consolation came in Puducherry where along with the DMK it captured power.

Singh said he had confidence in Sonia Gandhi’s and Rahul Gandhi’s leadership.

On demands within the party that Rahul Gandhi’s sister Priyanka should play a more active role, Digvijaya Singh said it was her call.

“She has got charisma. She is articulate and she has got great resemblance to Indira Gandhi…”

(IANS)

Review: Alibaba And The Forty Thieves

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Alibaba

“Greed is the root of all evil but God has his own ways of punishing the wrong doers” – Rashmi Sharma (writer & director)
Producer-Director-Writer-Set Designer-Costume- Makeup- Rashmi Sharma Artistes – Revant Bhatia, Paritosh Tiwari, Vedika Bhandari, Avinash Kumar Chauhan, Arbaaz S Khan, Pooja Muralia, Aditya Kumar, Suraj Surkar, Sachin Maurya et al Music- Nitin Hivarkar Lights- Abishek Srivastav Production Manager: Vipin Pandey

This summer season Progressive Theatre Group is back with another amazing show for all age groups especially for children namely Ali Baba And The Forty Thieves. The play is written & directed by veteran theatre artiste Rashmi Sharma who has 6 productions going on currently like A Perfect Couple, A Fairy Tale of Rapunzel, Pinocchio & The Blue Fairy et al.

Ali Baba And The Forty thieves is an English musical adventure with slapstick Humour and a meaningful adaptation of the original story. Ali is a wood cutter who lives with his elder brother Kassim and his bhabhijaan, Gulbahar. Gulbahar is very sweet and treats Ali as her own son on the other hand his brother Kassim is very money minded. One fine day Ali Baba is at work collecting woods in the forest when he happens to overhear a group of 40 thieves along with their Chief visiting the cave full of treasure. The cave opens on the words “Open Sesame” and seals on the words “Close Sesame”. When the thieves leave, Ali Baba enters the cave sneakingly and takes 2 bags of gold coin one for his family and other for charity. There he meets Morgina a beautiful dancer kidnapped by the Chief and kept as a slave. Ali gets mesmerized by her beauty and falls for her. He frees her and decides to take her home with him. On reaching home Ali borrows a scale from his sister – in – law to weigh gold coins. Kassim curious to know what Ali is measuring places magnet at the bottom of the scale. To his shock, he finds a gold coin sticking to the scales. Ali Baba is forced to reveal the secret to his brother. Kassim upon discovering the secret rushes to the cave all alone. In his greed & excitement over the treasure he reaches there and enters the magical cave. Unfortunately, the forty thieves catches him red handed and decides to kill him. Chief in furious rage devises a clever attack plan to harm Ali Baba too but Morgina foils their plan. What happens next form the rest of the story? Will Ali Baba be able to save his brother Kassim or the 40 thieves succeed in killing both the brothers? Will Morgina succeed in saving her master Ali Baba? It will be very interesting to know what turn Ali’s life will take. Will he be able to dive in & swim through all his problems?

The play is brilliantly narrated & executed. Director Rashmi Sharma was truly the captain of the ship. Her involvement in each & every area was visible. The costumes reflected the time period and gave a feel of the Arabian History. Lights & music added serenity to the scenes and is successful in setting the atmosphere. Revant as Ali Baba, Paritosh as Kassim & Begum, Avinash as Chief & Sheikh tickled the funny bones of the kids as well as the elders. There was a message to take back home not only for the children but also for the adults. An eye – for -eye & tooth – for – tooth would lead to a world of the blind & the toothless. The director up there is keeping his eye on everything. If we do the same thing with them then there is no difference between us. It’s a good play to watch & recommended for one & all.

Truefitt & Hill launches second outlet on Lavelle road

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Truefitt & Hill

World’s oldest barber shop; Truefitt & Hill comes with their 10th outlet in India and 2nd outlet in Bangalore at Lavelle Road set to make a promise of the best grooming experience for men

Truefitt & Hill known for its sophistication and finest grooming through their world class services and unmatched product quality are opening their 2nd outlet in Bangalore at Lavelle Road on the 18th of May 2016.

Truefitt and Hill could not have timed their foray into India any better as more and more men are looking into Grooming as a necessity now. Brought to India by the Lloyds Luxuries Ltd., which has acquired the Master Franchise License for not just India but also Nepal, Bangladesh, Sri Lanka, Bhutan, Myanmar and Vietnam, the venture looks promising. Started by Mr. Istayak Ansari & Mr. Krishna Gupta in 2013, Lloyds Luxuries Ltd aims at creating an atmosphere of total relaxation and ultimate comfort for their male guests. Through this, they wish to encourage grooming for men greatness.

Speaking on the occasion, Mr. Istayak Ansari & Mr. Krishna Gupta, Directors of Lloyds Luxuries Ltd. excitedly says, “After the successful opening of this international barber shop in indiranagar in the month of April, we are very happy to be coming to Lavelle Road. Through our second outlet in Bangalore, we wish to provide the most unique and unrivalled satisfaction to a larger audience in Bangalore. Our aim is that the customer should ultimately feel revitalized and renewed when it’s time to leave. We at Truefitt &Hill believe in giving an experience and not just a service. Taking care of yourself is a necessity and we groom here with a luxurious touch giving a friendly and a luxurious atmosphere with the best renowned people at your service”

Further adding to this they state, “Truefitt and Hill is the first high end international barber shop in India. Our vision is to take Truefitt & Hill across 75+ cities in India with 200+ outlets by 2024. The barbershop size will be 1000 to 1500 sq.ft. with an investment range from Rs. 100 lacs to Rs. 150 lacs. We currently have 6 outlets in Mumbai, 1 in Delhi and 1 in Indiranagar in Bangalore and 1 inGurgaon. By end of May we will also be launching outlet at Banjara Hills Hyderabad. We will also set up an academy to train Indian barbers in the fine art of male grooming in the near future.”

The outlet located in the central district of Lavelle Road, is spread over 1900 sq. ft with 3 VIP rooms, Salon area and reception area with retail section. Offering a ​quintessential feel with its classy interiors ​in mahogany wood adding chic blue wallpaper creating a contrast, makes for a complete relaxing environment.

JSW Steel – Volume ramp up, stable prices boost profitability

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JSWSTEEL_

JSW Steel’s (JSTL) Q4FY16 consolidated EBITDA jumped 8% YoY to INR18.3bn on higher standalone volumes (up 7% YoY) of 3.28mt and lower operating cost. However, domestic realisation dipped 19% YoY (though marginally high QoQ) to INR29,072/t. Management’s FY17 volume guidance stands at 15mt. Factoring this, we revise up our EBITDA estimates for FY17 and FY18 10% and 18%, respectively. However, we remain sceptical due to the bleak global demand outlook and limited upside in domestic realisation from current level. We believe current stock price factors in the upside in the stock. Maintain ‘REDUCE’ with revised TP of INR932 (INR817 earlier, based on 6x FY18E EV/EBITDA).

Higher volume, benign raw material cost boost EBITDA

Q4FY16 performance was boosted by standalone sales volumes that grew 7% YoY to 3.28mt. Further, decline in realisation (down 19% YoY) was more than offset by lower raw material cost (down 23% YoY). As a result, consolidated EBITDA rose 8% YoY to INR18.3bn. Ergo, reported standalone EBITDA/ tonne was stable at INR5,404 in Q4FY16 compared to INR5,469 in Q4FY15 (Q3FY16: INR3,443). International operations in the US, however, reported EBITDA loss of USD10.2mn compared to a slight profit of USD0.13mn in Q4FY15.

Upside in domestic realisation capped

We believe the upside in domestic flats steel realisation is limited from current level. Further, the company is expanding into longs which typically face pressure from secondary producers. Compared to 21% increase in HR coil prices, rebar prices have risen only 10% from February 5, 2016, level.

Outlook and valuations: Upside capped; maintain ‘REDUCE’

We retain our negative sector view factoring global capacity surplus (steel and iron ore) and visible slowdown in China. Considering volume benefits of JSTL’s capacity ramp up (24% YoY) and improved price environment, we revise up FY17E and FY18E EBITDA 13% and 18%, respectively. With RoE estimated to remain at 14.3% in FY18 despite ~18.0% CAGR in revenue and high net debt/EBITDA ratio of 6.33x, we continue to value JSTL at 6x FY18E EV/EBITDA. We maintain ‘REDUCE/SP’ with revised target price of INR932. At CMP, the stock trades at ~6.7x FY18E EBITDA.

Several Indians indicted in marriage visa fraud case in US

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USA

Washington: Several Indians and Indian- Americans have been indicted on charges of a U-Visa fraud and arranging fake marriages for the purpose of entering the US, authorities said.

Investigating authorities said these people would enter into a fraud marriage with the citizens of the US for the purpose of entering the country and then also fraudulently apply for a special category of U-visa which is normally given to victims of certain crimes who have suffered mental or physical abuse and are helpful to law enforcement.

The indictment alleges that Simpson Lloyd Goodman, a licensed attorney, submitted fraudulent documents to US Citizenship and immigration Services for the purpose of obtaining U-Visas for other co-defendants.

The false documents submitted to USCIS included falsified police reports allegedly prepared by Officer Ivory Lee Harris of the Jackson Police Department. Other defendants engaged in and caused various acts which enabled defendants to attempt to obtain U-Visas from USCIS.

Those charged under U-Visa fraud are Sachin Girishkumar Patel, Tarunkumar Purushottambhai Patel, Simpson Lloyd Goodman, Ivory Lee Harris, Sanjay Rathilal Patel, Maheshkumar Mangaldas Patel, Ashaben Mukeshbhai Patel, Rajan Nareshkumar Patel, Gopaldas Khodabhai Patel, Sachin Khodidas Patel and Baldevbhai Ramabhai Patel.

In the 16 count marriage fraud indictment, it is alleged that they would enter into marriages between persons who were already citizens of the US solely for the purpose of obtaining immigration status to which the aliens would not otherwise be entitled.

“These marriages were not entered into because of mutual love and affection between the parties, but solely to create a legal status that would provide a basis for immigration status for the alien partner and usually for some economic benefit to the United States citizen,” the Department of Justice said.

The individuals indicted under marriage fraud are Sachin Girishkumar Patel, Tarunkumar Purushottambhai Patel, Simpson Lloyd Goodman, Chirag Nilesh Patel, Dana Cheetara Adams, Brandy Nicole Edwards, Terilynn Rankin, Sejal Sanjay Kakadia, Jayantibhai Kalidas Chaudhari, Virendra Rambachan Rajput, and Javona Shanice Rajput.

“The defendants allegedly circumvented the laws and submitted fraudulent documents that are critical to obtaining immigration status,” said US Attorney Gregory K Davis.

“These arrests were made as a result of the great work of our law enforcement partners who stopped 19 people who sought to undermine the integrity of our nation’s immigration system,” he said.

The maximum penalties for the crimes charged in the indictments are: conspiracy to commit fraud and misuse of visa permits – five years in prison and USD 250,000 fine per count; fraud and misuse of Visa permits – 10 years in prison and a USD 250,000 fine per count; mail fraud – 20 years in prison and a USD 250,000 fine per count; and wire fraud – 20 years in prison and a USD 250,000 fine.

(PTI)

Cabinet clears ordinance to keep state boards out of NEET ambit this year

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NEET

New Delhi: Government today approved promulgation of an ordinance to keep state boards out of the ambit of uniform medical entrance examination, NEET, for one academic year.

The executive order is aimed at “partially” overturning a Supreme Court verdict which said all government colleges, deemed universities and private medical colleges would be covered under NEET.

The next phase of the exam is scheduled for July 24. Nearly 6.5 lakh students have already sat for the first phase of NEET held on May 1.

Once the ordinance is issued, students of state government boards will not have to sit for NEET on July 24. They, however, will have to become part of the uniform entrance exam from next academic session, government sources clarified.

The exam will be applicable for those applying for Central government and private medical colleges.

The states flagged various issues in the health ministers conference recently, including problems related to language and syllabus for students. They said the students affiliated to state boards will find it tough to appear for the uniform test as early as July.

Health Minister J P Nadda is likely to meet President Pranab Mukherjee to explain him about the need for the ordinance.

(PTI)

Chandy resigns, P Vijayan to be next Kerala CM

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PINARAYI VIJAYAN

Thiruvananthapuram: CPI-M politburo member Pinarayi Vijayan has been chosen as next Chief Minister of Kerala, a day after the marxist party-led LDF romped home to power in the Assembly polls, according to reports.

The CPI-M secretariat and party’s Kerala committee met here today in the presence of General Secretary Sitaram Yechury.

CPI-M veteran V S Achuthanandan and party politburo member Pinarayi Vijayan, both of whom were elected to the Assembly, were being considered for the top slot. The meeting assumed significance as it had to choose one among them.

In the 140-member state Assembly, CPI-M-led LDF won 91 seats, UDF headed by Congress 47, BJP and Independents, one each.

Chandy resigns

Kerala Chief Minister Oommen Chandy today resigned from the post following the defeat of Congress-led UDF in the Assembly election.

Chandy drove to the Raj Bhavan this morning around 1030 hrs and submitted his resignation letter to Governor P Sathasivam.

He told reporters that UDF and Congress would be meeting next week to discuss the poll debacle and take stock of the situation.

UDF, which was trounced by CPI(M) headed LDF in the May 16 polls, bagged only 47 seats against the rival front’s 91.

“This is only a temporary phenomena and Congress will come back with strength,” 72-year-old Chandy said, adding, “the party and Front have the responsibility for the setback, but as chairman of UDF, I have more responsibility”.

On reports that he was not willing to take up the post of Leader of Opposition, he said, “It is a matter to be discussed at the party level. I have nothing more to say.”

Chandy said that he would be going to the state Secretariat to meet his office staff and other employees.

Chandy has the distinction of being the only Congress chief minister to have completed the five-year term in office.

(Agencies)

 

Shane Watson bats for P&G Shiksha programme

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Shane Watson

Bengaluru: Veteran Australian cricketer Shane Watson on Thursday batted for P&G’s flagship Corporate Social Responsibility programme P&G Shiksha and emphasised the importance of education in the lives of children.

P&G Shiksha has supported over 450 schools till date, reaching over 8,00,000 underprivileged children. In its 12th year, it launched ‘Shiksha Superheroes’, a campaign to acknowledge consumers, the real-life superheroes who make a simple brand choice of buying P&G products.

Watson attended an event at the P&G Shiksha School here. The 34-year-old encouraged the people of India and Bengaluru to be Shiksha Superheroes by simply choosing P&G products and contribute to the education of underprivileged children. During the event, Watson also shared his school memories with the children and emphasised on the importance of sports and extra-curricular activities in their holistic development while teaching them a few cricketing strokes.

The Shiksha school children were quite excited to meet their hero and also requested him to play the guitar. Watson immediately obliged and charmed his young fans by strumming the guitar on his favourite song.

During the school visit, the Royal Challengers Bangalore (RCB) all-rounder remarked, “Today, while I spent time with P&G Shiksha children, I was nostalgic reminiscing my school days.

“It felt amazing to interact with these young kids who are really talented and have a bright future ahead of them.

“This is the first time I associated with P&G Shiksha and I am delighted to witness the difference that P&G Shiksha has made by building and supporting more than 450 schools that will impact the lives of 800,000 children.”

(IANS)

Himalaya’s AyurWhiz, a Pan – India competition to find the brightest minds in Ayurveda culminates at Bangalore

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ayurwhiz

Bangalore: The Himalaya Drug Company, India’s leading Herbal Health and Personal Care Company organized its final round for the AMC (Ayurvedic Medical College) Connect on 18th May 2016 at J N Auditorium, Bangalore. The initiative aims to recognize academic excellence of students in Ayurveda Medical Colleges across the country. The 8 shortlisted students from over 22 states – and four different zones were chosen post multiple elimination rounds.

Through this initiative, Himalaya aims to give young and bright minds of Ayurveda a national platform, to meet and interact with students of other colleges, exchange views, discuss the future of this science and of course compete in AyurWhiz, a national quiz competition.

Till date the competition has more than 6,000 students through a rigorous screening process in the preliminary rounds which includes over 130 preliminary contests in all the colleges, 14 cluster contests for Karnataka & Maharashtra states, 22 state level finals and four zonal finals.

The four teams, who made it to the finals, were:
· State Ayurveda College, Lucknow UP – representing North zone

· Government Ayurveda College, Guwahati Assam – representing East zone

· SDM College of Ayurveda, Udupi – representing South zone

· Government Ashtang Ayurveda College, Indore – representing West zone

This unique initiative under AMC Connect was conceptualised and launched by Mr. Philipe Haydon – CEO, The Himalaya Drug Company in the year 2009. Mr. Haydon, an ardent proponent of the science of Ayurveda, spoke at the 3rd annual competition of AyurWhiz, “Ayurveda’s time has finally come. Today, it is widely recognised that Ayurveda is vital to a holistic, integrated and patient-centric model of healthcare. The rise of lifestyle diseases has brought the science of Ayurveda, quite literally, ‘the science of life’, into the mainstream, because it offers efficacious solutions for relief in and management of chronic conditions. To ensure that India becomes the hub of innovative and contemporary Ayurveda, we need to encourage, engage and elevate young students who are pursuing the study of this wonderful science. This is why an initiative like Ayurrwhiz is important.”

Dr. Rangesh, Chief Scientific Officer, The Himalaya Drug Company, emphasised the need for a trans-disciplinary approach to Ayurveda, which propagates collaboration between different scientific disciplines and streams of medicine to arrive at a common solution, one that is safe and most effective for the patient.

The National quiz was moderated by Dr. Srikanth, National Manager – Scientific Services, Pharmaceutical, The Himalaya Drug Company, who through his interactive approach and interesting questions took over the stage. It was a highly competitive contest with all teams putting up a good show. Dr. Sandya Lakshim and Dr. Nandeesh from SDM College Ayurveda, Udupi, Mangalore who represented Team South adjudged the winners of the final competition.

About The Himalaya Drug Company: The Himalaya Drug Company was founded in 1930 by Mr M. Manal with a vision to bring Ayurveda to society in a contemporary form and to unravel the mystery behind the 5,000-year-old system of medicine. The legacy of researching nature forms the foundation of Himalaya’s operations. Himalaya has pioneered the use of modern science to rediscover and validate Ayurveda’s secrets. Today, with a history spanning more than eight decades in herbal research, Himalaya has positioned itself as a brand that cares about not only enriching people’s lives but also the environment. With their ‘head to heel’ range of products Himalaya aims to provide a holistic solution to everyday ailments that affect our bodies.

Seeped in a legacy of researching nature, Himalaya has successfully been able to harness the science of Ayurveda through cutting-edge research to become a brand that is safe, gentle and trustworthy.

Punjab National Bank – Asset quality pangs; long haul ahead

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punjab national bank

Punjab National Bank (PNB IN, INR 76, Buy)

Punjab National Bank’s (PNB) Q4FY16 profitability was hit by continued disappointment on asset quality. Slippages spiked to INR235bn (24% versus run-rate of <6% in past 6 quarters) with GNPLs touching 12.9%. This resulted in slower revenue momentum (NII fell >27% YoY) with NIMs taking a knock due to higher interest income reversal. Loan growth, at ~10% (albeit slower than trend), was better than peers with focus on granularity (small ticket size loans >57% of loans). Given weak RoE profile and elevated stress PNB is not preferred pick. But, considering valuations of 0.5x FY18E book after factoring in potential stress, focus on granularity & healthy liability franchise (CASA > 40%), we maintain ‘BUY’.

Stress formation dealt a nasty blow, outlook cautious
Slippages spiked to INR235bn (crossing 20% mark), taking GNPLs to 12.9% (versus 8.5% in Q3FY16). While part of it was attributable to RBI’s asset quality review, even adjusted for that slippages were on higher side. A large part of stress emanated from restructured book (>40% of slippages), with overall stress pool (NNPLs plus restructured) coming in at 13.5% (14.4% in Q3FY16). Sector-wise iron & steel, chemical and other infra sectors were main contributors to stress. While management guided for lower incremental stress going ahead, SMA-II accounts of INR110bn (~3% of book) and high exposure to stressed segments (I&S and power), keeps us guarded.

Revenue traction sluggish; lower opex cushions profitability
High asset quality stress also took a toll on revenue momentum (NII fell >30% QoQ) with NIMs dipping owing to higher interest income reversal (NIMs down >90bps QoQ). However, lower opex (down >16% YoY, gains on pension assets of ~INR4bn) and higher recovery from written-off accounts (core fee was softer) cushioned the impact.

Outlook and valuations: Asset quality vital; maintain ‘BUY’
PNB’s performance was marred by dismal asset quality, leading to loss in FY16. Incorporating lower NIMs and lower growth, we lower FY17/18E EPS by 10%/9%. While the bank has relatively higher dilution risk at weak multiple, government’s assurance of capital support to leading PSU banks will cushion impact. Given weak RoE profile and elevated stress, PNB is not a preferred pick. But, valuations of 0.5x FY18E book after factoring in potential stress, focus on granularity and healthy liability franchise, we maintain ‘BUY/SP’ with TP of INR120.

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