Quick resolution to bank NPAs problem unlikely: Rahul Bajaj

first_imgNew Delhi, Jun 25 (PTI) Indian banks are unlikely to see a quick resolution to their ‘terrible state’ of being saddled by a huge overhang of NPAs despite the new bankruptcy process in the country, according to Bajaj Auto Chairman Rahul Bajaj.The veteran industrialist also said the country is facing insufficient investments and the current share of gross fixed capital formation to GDP is not enough to support steady-state growth of 7.5 per cent to 8 per cent.Addressing shareholders of the company in its Annual Report for 2017-18, Bajaj cited the insufficient investments and current state of the banks as two “particularly important” reasons for the slowdown in India’s GDP growth.The Indian economy on yearly basis grew at a four-year low of 6.7 per cent in 2017-18, down from 7.1 per cent in the previous fiscal. The previous low was recorded in 2013-14 at 6.4 per cent.Describing the present situation faced by many banks in India as a “terrible state”, he said, “Saddled by a huge overhang of bad loans or non-performing assets (NPAs) that have eroded their balance sheets and destroyed profits, most banks have neither the requisite financial strength nor the confidence to fund industrial growth.”This is not only affecting the bigger players but, much more so, the medium and smaller scale corporate entities across India who are now hard-pressed to secure necessary working capital let aside term loans for investments, he added.”Despite the benefits that ought to accrue from the new bankruptcy process in India, I do not see a quick resolution to this problem,” Bajaj said.advertisementCommenting on the impact of insufficient investment on GDP growth, he said, “Our share of gross fixed capital formation to GDP has been declining over the last six years and now stands at 31 per cent. This is insufficient to bring about a steady-state growth of 7.5 per cent to 8 per cent.”On the company’s performance, he said Bajaj Auto could have done even better had it not been affected by a decline in domestic motorcycle sales.”This was not on account of the market as a whole nor due to an overall lack of demand for all types and makes of motorcycles… However, it could not perform adequately in the large ‘commuter’ segment and sold less than what was expected,” he added.The company continued to do well at the entry-level segment with models like CT 100, Platina and Discover 100/110 as well as in the sports and ‘super-sports’ segments through Pulsars, Avengers, the Dominar 400 and the KTMs, Bajaj said.Describing the commuter segment as a “critical” one, he said, “Hopefully, this gap will be taken care of in the next couple of years through existing and new products…and, as I understand, your managing director and his team are expending considerable effort at bridging this gap.”In 2017-18, Bajaj Auto had sold 19,74,577 units of motorcycles in the domestic market, down 1.3 per cent from the previous fiscal. The company’s exports stood at 13,94,757, up 14.5 per cent. PTI RKL MKJ MKJlast_img read more

Big Earth Publishing Acquires Telluride Magazine

first_imgIn February, Big Earth—which primarily publishes books—acquired Women’s Adventure, the first in its newly-formed magazine publishing division. Neenah, Wisconsin-based Big Earth Publishing has acquired Telluride magazine and its accompanying Telluride Visitors Guide. M.C. Alcamo & Co. represented Telluride in the deal. Terms of the transaction were not disclosed.Telluride is the flagship magazine of southwest Colorado publisher Telluride Publishing, and features health, environmental and sports content about the Colorado mountain town. The 25-year-old, twice-yearly magazine has an annual circulation of 70,000. In addition to the magazine and travel guide, Telluride Publishing produces a number of custom products. Telluride owner and publisher John Arnold will join Big Earth’s leadership team as part of the deal.last_img read more

Mindtree Wipro shares trade low ahead of June 2016 quarter results

first_imgBangalore-based IT company Mindtree will announce the results of its earnings for the quarter ended June 30, 2016 at around 3:30 p.m. on Monday, July 18.Shares of IT firms like Mindtree, Wipro and Infosys, with the exception of Tata Consultancy Services (TCS), were seen trading low in the Bombay Stock Exchange (BSE).Mindtree shares were down 1.11 percent to Rs. 630.70 apiece, compared to its previous close at Rs. 637.75 ahead of its quarterly result declaration.Wipro’s share price fell by 0.85 percent to Rs. 549.95 while Infosys declined by 0.18 percent to Rs. 1,070.35. Wipro, the third largest IT services exporter after TCS and Infosys, is set to declare its earnings results on July 19 after trading hours in the stock market.The BSE IT index was up 0.06 percent to 10614.43 while Nifty IT was trading flat at 11:16 a.m.Infosys posted a sequential decline in consolidated net profit by 4.47 percent for the June 2016 quarter while it recorded a 13.4 percent rise in net profit on a year-on-year basis.”We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1,” Vishal Sikka, CEO, Infosys told Economic Times on the company’s Q1 earnings for the fiscal 2016-17.TCS shares were trading up 0.62 percent at Rs. 2,457.00. The largest IT services exporter had also recorded a marginal decline of 0.4 percent in month-on-month net profit. Both Infosys and TCS registered higher profits from the year-ago period.last_img read more

Gone with the wind Ekta Kapoor and Kangana Ranaut not friends anymore

first_imgAfter what happened at the song launch of Judgemental Hai Kya between Kangana Ranaut and a journalist, it was expected that things might not remain smooth between Kangana and the film’s producer Ekta Kapoor. While Ekta had said that Kangana and she would team up again, it seems far from happening anytime soon.Ekta Kapoor and Kangana Ranaut have had a fall-out and it’s not going to be mended anytime soon. “Ekta is from the industry and knows how it works. She has always made it a point to be polite and friendly with the media and with the industry. Kangana’s needless outburst did affect the film and Ekta is miffed about that,” says a Deccan Chronicle report.Though the film has been liked by the critics, it failed to bring a huge crowd to the theatres. And Ekta feels the film couldn’t reach the success it destined to reach at. Even at the success bash of the film, Ekta Kapoor was nowhere to be seen.At the song launch of Judgemental Hai Kya, while Kangana had accused a journalist of maligning her and launching a smear campaign against her. “Justin, tum toh humare dushman ban gaye ho yaar….badi gandi batein likhte ho. Tum kitna ganda sochte ho! Tum itni gandi soch rakhte ho. You are bashing my film Manikarnika. Have I made a mistake in making that film? You are calling me a jingoistic woman who is making a film on nationalism. Is it a mistake to make such a film?” Kangana had said. The journalist had lashed back at Ranaut for levelling fake accusations on him saying, “This is not the right way to intimidate a journalist just because you are at such a powerful position.” The event got so heated up that the makers had to issue a written apology towards the team.Following which The Entertainment Journalists’ Guild of India had decided to boycott Kangana and had written, “We, as a guild, have collectively decided to boycott Ms Ranaut and not give her any media coverage. Rest assured, we will not let this matter affect ‘Judgementall Hai Kya’ in any manner and will be supportive of your film and other cast members, barring Ms Ranaut.”From Akshay Kumar to Rishi Kapoor, many celebs spoke up about the incident. Akshay Kumar had said, “Hame aapki bohot zarurat hai (We all need you). I believe that we can reach out to people and express our opinions through the media. I hope this misunderstanding gets solved. I am not too clued in into this matter because I was in London. It is unfortunate, but I hope everything gets solved.”last_img read more

Speechimpaired girl raped in Lalmonirhat

first_imgSpeech-impaired girl ‘raped’ in LalmonirhatA speech-impaired girl has allegedly been raped by one of her neighbours at Singadar village in Lalmonirhat’s Sadar upazila. Victim’s mother filed a case with Sadar police station on Wednesday night in this regard.Locals said Susheel Chandra, 46, son of Babu Lal of the village, raped the teenage girl finding her alone in the house on 1 September.Locals later rescued the girl noticing the incident while Susheel managed to flee.The matter went to arbitration when arbitrators, led by local union parishad chairman Moshiur Rahman, fined the accused Tk 50,000, victim’s family alleged.As the news of the incident spread around, superintendent of police (SP) SM Rashidul Haque ordered officer-in-charge of Sadar police station Mahfuz Alam to visit the spot and record a case.last_img read more

Teenage girl raped by her fathers employer

first_imgProthom Alo illustrationA 16-year-old girl was reportedly raped by the employer of her father in Krishnapur village of Lakhsham upazila in Cumilla on Thursday night, reports UNB.Police arrested Tajul Islam Majumdar, 42, son of a certain late Abu Taher Majumdar of the village, soon after the victim’s father filed a law suit against him on Friday.The girl’s father works as a watchman at Tajul’s fish enclosure in the village and stays in a tin-shed house near it with his family, said Nazrul Islam, officer-in-charge of Laksham police station.On Thursday night, Tajul took out the girl from their house around 10:30pm while her father was out of the home and her mother was sleeping inside.Later, Tajul violated the girl there, said the OC quoting the case statement.last_img read more