Three Kerala companies have more gold than Sweden, Singapore, Australia!

December 14, 2014

Kerala companiesKochi, Dec 14: Three gold loan companies in Kerala have more precious metal in their vaults than the gold reserves of some of the richest nations. Muthoot Finance, Manappuram Financeand Muthoot Fincorp jointly hold nearly 200 tonnes of gold jewellery, which is higher than the gold reserves of Singapore, Sweden or Australia.

India accounts for approximately 30% of the global demand for gold, a true-and-tested source of insurance for millions of families that have little access to other forms of social security. What is true for India is even more so for Kerala, where 2 lakh people are employed in the gold industry. The metal's fungibility makes it an ideal collateral for over-the-counter loans.

Muthoot Finance holds 116 tonnes of gold as security for its loans, Manappuram Finance has 40 tonnes and Muthoot Fincorp, 39 tonnes. The trio's combined holdings are 195 tonnes. To put things in global perspective, Singapore's gold reserves are 127 tonnes, Sweden's 126 tonnes, South Africa's 125 tonnes and Mexico's 123 tonnes.

Muthoot Finance, the largest of Kerala's gold loan companies, holds more yellow metal in its vaults than the reserves of Greece (112.4 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes).

India, according to the World Gold Council, has the 11th largest gold reserves, with 558 tonnes. The US heads the pack with 8,134 tonnes, while Germany and IMF come next (3,384 and 2,814 tonnes, respectively).

"Historically, Malayalis have excelled in financial services as an ethnic group. The size of these companies reflects their innovative skills. Gold loan business also reflects Malayalis' hunger for gold and the strong dowry system which feeds gold and gold loans," said CJ George, founder and managing director of stock broking firm Geojit BNP Paribas.

It was even better a couple of years ago. Muthoot Fincorp, which has a gold loan portfolio of Rs 8,550 crore, then had 41 tonnes of gold in its vaults. "Then, two things happened ” gold prices declined and banks became aggressive in gold loans. As gold prices declined, our business also came down slightly, reflecting on our gold holdings," said Thomas John Muthoot, chairman and managing director of Muthoot Fincorp.

Muthoot Finance is the largest gold loan NBFC with a reach of over 4,265 branches across 21 states and four Union territories. Its gold loan portfolio is Rs 21,800 crore. Manappuram Finance has 3,200 branches nationwide and 20,000 employees, with a gold loan portfolio of Rs 9,000 crore.

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News Network
June 10,2020

Bengaluru, June 10: A court in Bengaluru has ejected the bail plea of Amulya Leona Noronha, a college student who has been accused of sedition for saying “Pakistan Zindabad” at the beginning of a speech during a protest against the Citizenship Amendment Act (CAA) in the city on February 20.

The court claimed that if granted bail, the 19-year-old student of journalism and English at a Bengaluru college “may involve (herself) in similar offence which affects peace at large”.

Rejecting her bail plea, 60th additional city civil and sessions judge Vidyadhar Shirahatti said in his order, “If the petitioner is granted bail, she may abscond. Therefore, the bail petition of the petitioner is liable to be rejected.”

The police had booked Amulya under charges of sedition and promoting enmity between groups, although her friends claimed she was trying to convey a message of universal humanity by chanting zindabad in the name of all nations, including Pakistan and India.

Amulya, known for her oratory, and often invited at protests against the CAA, NRC and NPR, was arrested on the evening of February 20.

Video clips of the speech showed her chanting “Hindustan Zindabad” soon after saying “Pakistan Zindabad” and trying to tell the audience — her microphone had been taken away by then — that all nations are one in the end. She could not complete the speech; the protest was being held at Bengaluru’s Freedom Park.

Amulya’s bail plea was delayed on account of the lockdown, which came into force on March 25 — around the time hearings were due to begin in a lower court. Bengaluru police did not file a chargesheet against the student during the lockdown.

In the course of bail hearings, which began after lockdown restrictions were eased, the public prosecutor argued that Amulya was trying to incite people to create a law and order problem. The prosecutor also argued that she had earlier been accused of causing hatred and disaffection towards religion and the government established by law in India by holding a placard that stated “F##k Hindutva” during a student protest.

The prosecution argued that the student, if released, may commit similar offences since cases were already registered against her.

Defending Amulya, a friend who was part of the February 20 protest said, “Before she could complete what she wanted to say they surrounded her and grabbed the microphone. She was later placed under arrest on charges of sedition. What she was trying to say was, if we love one country it does not mean we should hate another.” Another friend said, “Please see her Facebook post of February 16, around 8 pm. Loving another country does not mean you are going against your own — this is exactly what she was trying to say (at the protest). She is promoting unity among nations…”

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coastaldigest.com news network
May 7,2020

Kolar, May 7: A 38-year-old man has been arrested for biting a snake and peeling off its skin at Mustur village in Kolar district of Karnataka.

Mulbagal range forest officer KN Ravikeerthi said forest officials nabbed Kumar, a construction worker, at Mustur on Wednesday and booked him under the Wildlife Protection Act. He was under the influence of alcohol.

Ravikeerthi said Kumar's offence is non-bailable and attracts a jail term of up to three years. The remains of the snake were collected and sent to a lab to ascertain its species. Forest officials said the snake Kumar bit was not a viper as was reported earlier but a rat snake.

On Tuesday, Kumar was riding back home after buying liquor when the snake ca me under his bike's wheels. He tossed the injured snake around his neck, bit it and peeled off its skin. Kumar said the snake had troubled him in the past.

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abdul
 - 
Thursday, 7 May 2020

Ask talibans and Jehadis who has killed and killing innocent people, they will have the better answer for ur question,  CD dont filter and post the messages ...  accept the fact and post 

Abdul
 - 
Thursday, 7 May 2020

That u should ask taliban ... and other organistaion , who killes innocent civilians in the name of jehad.  

 

abdullah
 - 
Thursday, 7 May 2020

for killing humans there is no jail in India!

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News Network
March 8,2020

Bengaluru, Mar 8: The economic slowdown in the country had a cascading effect on Karnataka, as its growth rate for outgoing fiscal 2019-20 is projected to be 6.8 per cent against 7.8 per cent in the last fiscal (2018-19), a senior official said on Saturday.

"The Gross State Domestic Product (GSDP) is estimated to be 1 per cent less at 6.8 per cent for this fiscal from 7.8 per cent in the last fiscal due to slowdown in manufacturing (industry) and services sectors," an official of the state finance department told media.

Though the agriculture sector has revived from 1.6 per dent in the drought-hit last fiscal (2018-19) to register 3.9 per cent this fiscal, growth rates of industries and services will be 4.8 per cent and 7.9 per cent for 2019-20 against 5.6 per cent and 9.8 per cent respectively in 2018-19.

"The GSDP is projected to grow at 6.3 per cent in the ensuing fiscal of 2020-21 due to continued slowdown in the national economy," the official hinted.

According to the state's economic survey for 2019-20, the farm sector grew more than double to 3.9 per cent from 1.6 per cent a year ago due to increase in the production of foodgrains, dairy products and fish catch.

Foodgrain production across the state rose to 136 lakh tonnes from 128 lakh tonnes a year ago, the survey revealed.

"In line with the national Gross Domestic Product (GDP) growth rate decline, Karnataka's GSDP has declined from a high of 13.3 per cent in 2016-17 to a low of 6.8 per cent in 2019-20.

"The GSDP has declined from a double-digit growth of 10.8 per cent in 2017-18 to 7.8 per cent in 2018-19 and 6.8 per cent in 2019-20," the survey pointed out.

The survey has adopted the all-India growth rate for the services sector growth in the state, which reflects the impact of slowdown in the key sector.

At current prices, the southern state's GSDP is expected to be Rs 16,99,115 crore (budget estimates) with a 10 per cent growth rate in the next fiscal (2020-21).

"Real estate, professional services and ownership of dwellings contributed 35.31 per cent to the GSDP in 2019-20, followed by manufacturing with 15.32 per cent, trade and repair services 9.51 per cent and crops 7.44 per cent," said the survey findings.

Per capital income in the state at current prices is estimated to be Rs 2,31,246 in 2019-20, an increase of 8.8 per cent from Rs 2,12,477 in 2018-19.

"The per capita income in the state is 58.4 per cent more than that of all-India rate at Rs 1,35,050 in this fiscal," the survey added.

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