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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)

Kohli, de Villiers tear apart KKR

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kohli-de

Kolkata: Virat Kohli and A.B. de Villiers once again delivered the goods with their bats as their Royal Challengers Bangalore romped home with 9 wickets to spare against Kolkata Knight Riders in an Indian Premier League (IPL) contest at the Eden Gardens here on Monday.

Kohli and de Villiers remained not out on 75 and 59 respectively while Chris Gayle contributed with a 31-ball 49. The Kohli-de Villiers partnership yielded 115 runs for the men in red and black.

With the win, Bangalore stay alive in the competition with 6 wins from 12 games.

Chasing Kolkata’s 183/5, they got off to a flyer as Gayle – who had been in slumber for much of this season – smashed the ball to all parts of the ground.

The burly Jamaican first took on Andre Russell hitting him for 17 in the third over and then clubbed Sunil Narine for two consecutive fours in the fifth.

After six overs, Bangalore were cruising at 63 for no loss but then Gayle was adjudged leg-before-wicket off a Narine delivery.

It was difficult to understand who the home team were as chants of ‘Kohli, Kohli’ went up time and again around the packed stadium as the Bangalore captain came in – and did not disappoint either as he picked the boundaries at regular intervals. However, Kohli was dropped at 32 by his opposite number Gautam Gambhir.

The miss proved costly as Kohli got to yet another half-century, while his partner at the other end – de Villiers – started clobbering them too.

Before long, the visitors were in touching distance of the total and the duo did the needful with 8 balls to spare.

Earlier twin fifties from Gambhir (51) and Manish Pandey (50) aided by Russell’s late blitz of 19-ball 39 helped Kolkata get to a fighting total.

Even though the hosts lost Robin Uthappa (2) early, Gambhir manage to pick the gaps along with Pandey. By the end of the powerplay, the team was 51/1.

The onslaught continued in the next over as legspinner Yuzvendra Chahal was carved for 16.

Bangalore then pulled things back a little thereafter and also grabbed the vital wicket of Gambhir who got run-out shortly after getting to his fifty.

Thereafter, new man Yusuf Pathan and the already set Pandey failed to pierce the gaps. Runs dried down and Pandey was holed out in the deep trying to up the run-rate. Yusuf (6) too was out stumped.

Next to perish was Suryakumar Yadav (5) who was caught at long on by Iqbal Abdulla. The flurry of wickets also put a brake on the scoring rate much to the relief of Bangalore.

But Shakib Al Hasan and Russell enthralled the strong Eden crowd with some powerhitting to propel Kolkata to such a score. The last three overs yielded 38 runs for the home side.

Brief Scores: Kolkata Knight Riders 183/5 (Gautam Gambhir 51, Manish Pandey 50; Sreenath Aravind 2/41) vs Royal Challengers Bangalore: 186/1 (Virat Kohli 75, AB de Villiers 59)

(IANS)

Turkey and US bomb ISIL positions inside Syria

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At least 27 killed and ISIL defence posts destroyed in area controlled by armed group, according to Syrian state media.

Air raids destroyed a fifth-century Church in Daret Azza village, said activists [Reuters/FILE]

Air raids destroyed a fifth-century Church in Daret Azza village, said activists [Reuters/FILE]

by Al Jazeera

Turkish and US-led coalition forces have struck Islamic State of Iraq and the Levant (ISIL, also known as ISIS) targets north of the Syrian city of Aleppo, killing at least 27 fighters, according to state-run Anadolu Agency and other media reports.

Turkish artillery and rocket launchers fired into Syria while warplanes from the US-led coalition carried out three separate air campaigns, Anadolu said on Monday citing military sources.

Five fortified defence posts and two gun posts were also destroyed in the attack less than 10km from Turkey’s Syria border.

Turkish and coalition forces have carried out a series of such strikes recently to prevent further attacks on the Turkish border town of Kilis, which lies just across the frontier from ISIL-controlled territory in Syria, and has been regularly struck by rockets in recent weeks.

The US and Turkey have for months been discussing a military plan to drive ISIL from the border.

Elsewhere in Aleppo, fighting continued as government-backed armed groups said they took back two villages north of the battered Syrian city from ISIL.

Government’s deadly airborne raids also destroyed a fifth-century church, the Church of Saint Simeon Stylites in the village of Daret Azza, according to Syrian activists.

The fighting was focused around a strategic area that leads in and out of the rebel-controlled eastern Aleppo.

Claims and counterclaims

On Saturday, ISIL launched offensive in the east of the country in Deir Az Zor, but Syrian government troops fought back, and claimed to have retaken a hospital and a dormitory from the armed group which has seized territory in Syria and Iraq.

Al Jazeera’s Stefanie Dekker, reporting from the Turkish city of Gaziantep, near the Syrian border, said: “It’s been a battle back and forth in a small pocket of Deir Az Zor city under the control of the government.

“However, the Syrian Observatory for Human Rights, a UK-based monitoring group is saying that the 95 percent of the city is under ISIL control which is in an oil-rich area.”

Meanwhile, John Kerry met King Salman bin Abdulaziz Al Saud of Saudi Arabia and its Adel Al-Jubeir, foreign minister, as part of diplomatic push aimed at ending the five-year-old war in Syria.

Kerry will head to Vienna to push for more international cooperation on ending the conflict that has left more than 240,000 people. He will also go to Brussels for meetings with NATO leaders.

A tenuous ceasefire has been in place since February brokered by Russia and the US, but Syria has continued to bomb rebel-controlled areas in Aleppo.

Nearly 300 people have been killed in the recent upsurge of violence.

Once Syria’s commercial heartland, Aleppo is now divided between the government-held west and the rebel-controlled east.

IPL: Krunal, bowlers guide Mumbai to thumping victory over Delhi

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Mumbai-Indians

Visakhapatnam: Riding on promising all-rounder Krunal Pandya’s quick-fire 86, followed by an impressive bowling performance, Mumbai Indians outclassed Delhi Daredevils by 80 runs in an Indian Premier League (IPL) match here on Sunday.

Batting first, Krunal smashed his maiden IPL half-century to guide the defending champions to massive 206/4 in 20 overs.

In reply, Delhi lost wickets at regular intervals as they were bundled out for 126 in 19.1 overs. Jasprit Bumrah (3-13) and Krunal (2-15) were the pick of the bowlers for Mumbai while Harbhajan Singh and R. Vinay Kumar claimed one wicket each.

The win ensures Mumbai keep their play-off hopes alive as they climbed to the third spot in the points table.

Chasing an imposing target of 207, Delhi got off to a poor start losing opener Mayank Agarwal (8) in the second over itself.

His opening partner Quinton de Kock (40) played positively from there on but lost partners at the other end as Karun Nair (8), Sanju Samson (6) fell cheaply to have the visitors in trouble at 60/3 in eighth over.

As the required run-rate climbed high with every ball bowled, de Kock trying to up the scoring rate also fell to left-arm spinner Krunal in the 10th over. The South African promising opener in his 28-ball innings struck four boundaries and two sixes.

Incoming young batsmen Rishabh Pant (23) played a short innings but failed to convert the start into a big one as his dismissal came after seamer Bumrah had Jean-Paul Duminy (9) caught by wicket-keeper Jos Buttler in the 13th over.

There was more trouble for the visitors as wickets kept on tumbling and the required rate climbed high to put more pressure on the incoming lower-order batsmen.

Chris Morris played a 16-ball 20 in the end but was not enough as his side surrendered to a dominant Mumbai side.

Earlier put into bat, openers Rohit Sharma (31) and Martin Guptill (48) helped the defending champions get off to a decent start scoring 45 runs without losing any wickets after the completion of powerplay.

But the seventh over of the innings saw a twist in the tale – leg-spinner Amit Mishra brought the first breakthrough dismissing Mumbai skipper Rohit when Mumbai were 46/1 in 6.3 overs.

Hard-hitting left-hander Krunal who was promoted up the order at No.3 to keep the run flow going, did not disappoint his team. He played his natural game, striking a couple of boundaries and sixes to help the team keep a healthy run-rate.

He was well supported on the other end by experienced Kiwi batsman Guptill as the duo played sensibly to help team cross the 80-run mark after 10 overs.

The duo smashed 23 runs in the 13th over bowled by leg-spinner Imran Tahir to take team over 100-run mark in style.

Krunal then – with a couple of big blows – brought up his maiden IPL half-century in just 22 balls.

The impressive 96-run partnership for the second wicket came to an end in the 15th over when Guptill looking to strike one over long on was caught by Karun Nair off the bowling off Zaheer Khan. The hosts were 144/2 then.

Despite wickets at the other end, Krunal smashed it to all parts of the ground, but eventually in the 18th over, Chris Morris finally got rid of the 25-year-old to put a check on the run flow.

During his maiden IPL half-century, the left-handed batsman struck seven boundaries and six sixes.

In the dying overs the innings, Buttler (18 not out) and Ambati Rayudu (13 not out) played useful cameos to take the team past 200-run mark.

Morris (2-34) was the pick of the bowlers for Delhi as the spinning trio of Shahbaz Nadeem (2-42), Amit Mishra (1-42) and Tahir (0-59) proved expensive. Zaheer Khan was economical, having conceded 23 runs in four overs.

Brief Scores: Mumbai Indians: 206/4 in 20 overs (Krunal Pandya 86; Chris Morris 2/34) vs Delhi Daredevils 126 in 19.1 overs (Quinton de Kock 40; Jasprit Bumrah 3-13, Krunal Pandya 2-15)

(IANS)

Asaram Bapu’s supporters attack police, seven injured

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Asaram Bapu

New Delhi: Police on Monday said they had registered a case of rioting against supporters of spiritual guru Asaram Bapu who attacked police personnel overnight here, injuring seven policemen.

According to police, the police personnel were injured when some 2,000 people demanding Asaram Bapu’s release stoned the Parliament Street police station in the heart of the city on Sunday night.

A few police vehicles were also damaged in the protest. No arrests have been made yet, a police officer told IANS.

Asaram Bapu, lodged in Jodhpur Jail in Rajasthan after his arrest in 2013, has been accused of sexually assaulting a 16-year-old girl. He has denied the charge.

(Agencies)

Assembly polls for Tamil Nadu, Puducherry begin

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polls

Chennai: With the Election Commission having made elaborate arrangements for free and fair voting, assembly polls in Tamil Nadu and Puducherry began on Monday amid tight security.

In Tamil Nadu, 233 seats would go to polls, with voting for Aravakurichi constituency having been deferred.

Kerala would see polling for its 140 seats assembly. In Puducherry, 30 seats would go for polls.

The polling started at 7 a.m. and would end at 6 p.m.

All non-sensitive booths would have a policeman each for providing security and central paramilitary force personnel would give security cover for the sensitive and hypersensitive booths.

Meanwhile, the election authorities are bracing for the possibility of unusual rains today.

An unseasonal low pressure area has formed over the South West Bay of Bengal and adjoining Srilanka, that is set to bring heavy to rather very heavy rainfall from today for two days in many places in the state, especially in southern and coastal districts, as predicted by the Meteorological Department in Chennai.

The Election Commission has made additional efforts in the polling booths to provide cover for the voters to come and exercise their franchise without getting drenched in the possible rain.

In another development, the AIADMK and the DMK had, through email, responded to the show-cause notices issued by the Election Commission about the violation of its guidelines on promises of freebies as made in the manifestos of the two parties.

The notices were issued seeking clarification on the ways and means of fulfilling the promises of the huge dole outs by the two parties.

The Income Tax officials had asked the authorities in Tirupur to move the three trucks carrying Rs. 570 crore to the chest of the State Bank of India (SBI) in Coimbatore for issuing search warrant under the IT Act for further probe.

The sleuths of the tax body along with the team of officials delegated by the Election Commission are probing the transfer of the huge sum from Coimbatore.

The bank claimed that it was a normal transfer of cash, though the investigators say original documents to substantiate the transfer were lacking. The three trucks were detained by the Election Commission flying squad near Tirupur.

The Election Commission introduced many innovative measures during this election in Tamil Nadu, including getting booth slips through the helpline number 1950 in electronic mode, knowing the queue status before polling booths through smart phone apps and getting navigation help through Google maps to locate the booths by the voters by feeding their election identity card number in the apps.

For the first time in the electoral history of India, more than 1.64 crore voters made a pledge on last Tuesday that they would not accept or give money for voting, as money power in election is a big menace in the region.

Thousands of youth volunteers at grass-root levels are also being pressed into service to help the election authorities to ensure ethical voting and to remind people to come out and exercise their franchise today.

The Kerala Government has made elaborate arrangements for smooth and peaceful conduct of polls.

In all, 2.56 crore electors including 1.33 crore females are expected to cast votes.

A total of 1, 203 candidates including 109 females are in the fray. There are 21,646 polling booths across the state.

Special arrangements have been made for sensitive and vulnerable polling stations, especially in Kannur district.

Over 9 lakh voters will exercise their franchise in Puducherry today. Voting will take place in 930 polling stations spread over four regions of the Union Territory.

5,382 officials are deputed for polling duties. Over 6,000 police personnel including the central para military forces will provide security for assembly polls.

Meanwhile, the Election Department introduced a mobile application which would give all information regarding today’s poll to voters. The app would provide details of EPIC Cards, polling booth location, constituency-wise voters list and even the number of voters in queue at any polling station at a given time.

The Commission has identified 148 polling stations and deployed micro observers and Central forces for additional security.

(ANI)

Britannica COO jumps to death from 19th floor

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Britannica

Gurgaon: A top executive of Encyclopedia Britannica allegedly committed suicide by jumping from the 19th floor of a building in DLF Phase-III here, police said.

47-year-old Vineet Whig, COO of Britannica, committed suicide yesterday and a note was found from his pocket stating that he was fed up with his life, Hawa Singh, PRO, Gurgaon Police said.

Whig lived in Block-D of DLF Belvedere Park with his wife, two sons, a daughter and his father who suffered a heart attack after receiving the news of Whig’s death.

The body was found in the ventilation shaft of Block-C by sweepers when they went to clean it at 9 AM yesterday.

They informed the society security control room which told the family and thereafter the police was informed at 9.45 AM, Singh said.

According to the family, Whig went for his morning walk but did not return home on his usual time, Singh said, adding, they did not find anything suspicious as sometimes he would get late.

The top executive had also worked with IT giant Wipro before joining Britannica.

“CCTV footage is being examined to verify the details and ascertain the sequence of events,” Singh added.

(Agencies)

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