Archives for November 2019

India’s billionaire investor Rakesh Jhunjhunwala this month bought shares of Yes Bank, after the lender announced a binding offer from an unidentified global investor to inject $1.2 billion.

Yes Bank Ltd., the world’s worst-performing lender in 2019, has posted the globe’s biggest gain over the past month.

Its shares have rallied about 50% — the biggest gain among global peers valued at more than $1 billion — after embattled founder Rana Kapoor was forced to sell his holdings in October and a new management team promised fresh capital and lower bad loans. The surge helped pare the annual loss in the Mumbai-based lender’s shares to 63%.

Yes Bank rose about 3% as of 9:48 a.m. in Mumbai on Monday, while the main equity index was little changed.

The recovery will be a relief for new Chief Executive Officer Ravneet Gill, who’s been courting investors to revive the bank. India’s billionaire investor Rakesh Jhunjhunwala this month bought shares of Yes Bank, after the lender announced a binding offer from an unidentified global investor to inject $1.2 billion.

Gill is rushing to raise funds. Latest results released this month show Yes Bank swung to a loss in the September quarter and its bad-loan ratio rose.

“Capital is of utmost importance to the bank and we want the money to be in the bank by December,” Gill told reporters after the results. “Once we get the capital it will run us for 24 months.”

Lata Mangeshkar’s health scare caused a frenzy in the world of social media, where some reports claimed that her condition was critical and some said that she was discharged.

MUMBAI: Bollywood playback legend Lata Mangeshkar remains hospitalised here on Tuesday due to “viral chest congestion”, and was fighting the illness like a “fighter”, according to her family.

The iconic singer was rushed to the Breach Candy Hospital in the early hours of Monday due to viral chest congestion as a “precautionary measure”. Her condition is stable now.

“Lata ji is stable. Her parameters are good. Honestly speaking, she has fought so well that she is coming out of this setback. Being a singer, her lung capacity has pulled her through. Truly a fighter. We will update everyone when Lataji gets discharged and comes home,” her family said.

On Monday, Lata Mangeshkar’s health scare caused a frenzy in the world of social media, where some reports claimed that her condition was critical and some said that she was discharged. Her team had to release a statement to put the record straight.

“Lata Mangeshkar ji had a viral chest congestion. Keeping her age in mind, as a precautionary measure, she has checked in to Breach Candy Hospital in order to ensure antibiotics on time to prevent any more infection. She is stable and recovering,” read the statement.

The iconic singer, who turned 90 on September 28, became a recipient of India’s highest civilian honour Bharat Ratna in 2001. She has recorded songs in over 36 Indian languages.

Born on September 28, 1929, she has also been honoured with Dadasaheb Phalke Award and France’s highest civilian award, Officer of the Legion of Honour, besides numerous national and international awards.

In 1974, the Guinness Book of Records ranked her as the most recorded artiste in the history. She had reportedly sung over 25,000 songs between 1948 and 1974.

She has given many musical gems like “Pyar kiya to darna kya” and “Ajeeb dastaan hai yeh”, but doesn’t consider herself to be special.

“I never thought of myself as special even when those who have heard and appreciated my singing said I was. For me, the constant effort in life has been to better myself as a person and an artiste,” she had said.

Sawant’s resignation came after the BJP on Sunday expressed its inability to form a government in Maharashtra, despite being the single largest party.

NEW DELHI: A day after Shiv Sena MP Arvind Sawant quit as the Union Minister for Heavy Industries and Public Enterprises, President Ram Nath Kovind on Tuesday accepted his resignation and gave the additional charge of the Ministry to Cabinet Minister Prakash Javadekar.

In a statement, the Rashtrapati Bhavan said that the President, as advised by Prime Minister Narendra Modi, has accepted Sawant’s resignation from the Union Council of Ministers with immediate effect.

It said Javadekar, who holds the portfolios of Environment, Forest and Climate Change, as well as Information and Broadcasting, would be given the additional charge.

“Further, as advised by the Prime Minister, the President has directed that Javadekar be assigned the charge of the Ministry of Heavy Industries and Public Enterprises, in addition to his existing portfolios,” it added.

Sawant was Shiv Sena’s sole representative in the Union Cabinet formed by the Bharatiya Janata Party (BJP)-led NDA.

His resignation came after the BJP on Sunday expressed its inability to form a government in Maharashtra, despite being the single largest party.

Despite having a pre-poll alliance, the BJP and Shiv Sena were locked in a tussle over the Chief Minister’s post after the Assembly election results were announced on October 24.

The BJP got 105 seats and Shiv Sena bagged 56 seats. The combined seat strength of the two parties was 161, way past the majority mark of 145 in the 288-member Assembly.

The Nationalist Congress Party (NCP), with 54 seats, demanded that the Shiv Sena will have to walk out of the NDA for any alliance in the state. The Congress got 44 seats in the 288-member Assembly.

Indicating that the Sena was nearing an understanding with the Congress-NCP, Raut urged that this was the ‘critical moment’ for the two Opposition parties.

MUMBAI: The Shiv Sena has decided to quit the Bharatiya Janata Party (BJP)-led NDA in the Centre and would form a government in Maharashtra with the support of the Congress-Nationalist Congress Party (NCP), Sena MP Sanjay Raut said here on Monday.

Indicating that the saffron party was nearing an understanding with the Congress-NCP, Raut urged that this was the “critical moment” for the two Opposition parties.

“We have taken the first step… It is upto them now to take a suitable measures to form the government based on a common minimum programme acceptable to all sides,” Raut said in the clearest pointer so far to the unfolding developments.

However, the opposition NCP appeared to play coy and refrained from categorically endorsing the Sena stand.

“We have no mandate. Those who have the mandate should do it. Our stand is made clear many times. Government formation is not an easy task, and many issues come into the picture. We still have no alliance or understanding with anybody,” senior NCP leader Praful Patel said.

Expressing the Sena’s sincerity of purpose, Raut pointed out that the party President Uddhav Thackeray has already directed the Sena’s sole nominee in the Union Cabinet, Heavy Industries Minister Arvind Sawant to quit his post.

“In view of the recent developments and the objectionable statements made by the Bharatiya Janata Party, its clear they want to keep us away from power. So what’s the point in continuing with the NDA?” Raut asked, without categorically saying that the Sena-BJP alliance has snapped – as demanded by the Congress-NCP for its backing.

Patel maintained that there was still no discussion and the party would take a decision in the matter after discussing all aspects in detail in view of the rapidly changing scenario, with party supremo Sharad Pawar on Monday morning.

The Congress leaders were likely to discuss the developments at a meeting with party chief Sonia Gandhi in New Delhi later in the day.

The Congress’ original stand is that the party will sit in the opposition as people gave mandate to sit in the opposition.

NEW DELHI: A meeting of the Congress working committee is underway on Monday morning to decide on whether to support the Shiv Sena in forming the government in Maharashtra, sources said.

Top Congress leaders are discussing the issue at a crucial meeting of the working committee chaired by party chief Sonia Gandhi, according to the sources.

The CWC is the highest decision-making body of the Congress.

Hectic deliberations have started since Sunday over the Congress’ participation in government formation in Maharashtra after the Shiv Sena was invited by the governor to form the government.

Senior Shiv Sena leader Sanjay Raut on Monday said if the BJP was not willing to fulfil its promise of sharing the chief minister’s post in Maharashtra, there was no point in continuing the alliance.

Reaching out to the opposition parties, Raut said the Congress and the NCP should bury their internal differences to come up with a ‘common minimum programme’ in the interest of Maharashtra.

Sena leader Arvind Sawant, the lone party minister in the Narendra Modi cabinet, on Monday announced his decision to quit the NDA government at the Centre.

The Union Minister for Heavy Industries accused the Maharashtra BJP of resorting to untruths to snap off ties and reiterated that the Sena always stood for truth.

NEW DELHI/MUMBAI: The Shiv Sena’s sole representative in the Cabinet, Union Minister for Heavy Industries Arvind Sawant said he will quit his post on Monday.

In a series of tweets, Sawant said that prior to the Lok Sabha election, a formula was decided on power-sharing between the Bharatiya Janata Party (BJP)-Sena.

“It was acceptable to both sides, but by rejecting it, an attempt is made to portray the Sena as a liar. This is shocking and a blot on the state’s self-respect (‘swabhiman’),” Sawant said.

He accused the Maharashtra BJP of resorting to untruths to snap off ties and reiterated that the Sena always stood for truth.

“Under such an atmosphere of lies, why should I continue in the Union Cabinet? I will speak with the media at 11 a.m. today,” said Sawant.

Sawant tweeted his plans after relations between the BJP and Sena were on the verge of snapping over the deadlock in forming the Maharashtra government since the past 18 days.

The state’s BJP unit on Sunday informed Governor B.S. Koshyari that it could not form the government though it’s pre-polls alliance had secured a full majority.

Now, the Governor has invited the second-largest party, Shiv Sena to form the government and submit its reply by Monday evening.