Don't politicise rapes, I never indulged in counting the number of rape incidents: PM Modi

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

Bengaluru, Mar 23: Indian stocks plunged over 9% on Monday, as the rapidly spreading coronavirus pandemic sent major states including the country's capital into a lockdown amid increasing fears that outbreak could bring world economies to a grinding halt.

The NSE Nifty 50 index slipped 9.17% to 7,937.75 by 0408 GMT, while the S&P BSE Sensex was 9.42% lower at 27,093.24.

Over the weekend in India, the virus drove several companies to shut operations and the government sent states into lockdowns, bringing normal life to a grinding halt.

"Panic has gone up domestically because of the lockdown situation," said Vinod Nair, head of research at Geojit Financial Services.

"There is fear that the situation will not be brought under control soon."

The rupee hit a fresh record low of 76.05 against the dollar, as a flight into cash and worries about tightening liquidity boosted demand for the world's reserve currency.

Meanwhile, global markets crumbled, with MSCI's broadest index of Asia-Pacific shares outside Japan sliding nearly 4% as the global death toll climbed to over 14,000, further battering economic activity, and raising fears of a global recession.

After market hours on Friday, the Securities and Exchange Board of India halved position limits for certain stock futures, restricted short-selling of index derivatives and raised margin rates for some shares to curb "abnormally high" volatility amid the pandemic.

In domestic trading, the Nifty PSU Bank Index plunged 8%, while the Nifty bank index crashed nearly 10%.

The Nifty Auto Index slid 9% after several carmakers over the weekend suspended production due to the virus.

Jammu and Kashmir, May 5: Awarding the prestigious Pulitzer Prize to three Indian photographers, the Pulitzer Board at Columbia University claimed that it was for their work in Kashmir as "India revoked its independence".

The award to Channi Anand, Mukhtar Khan and Dar Yasin in the feature photography category for their pictures for the Associated Press was announced on Monday.

The prizes, considered the most prestigious for US journalism, are associated with the university's Graduate School of Journalism where the judging is done and is announced, although this year it was done remotely.

Besides a certificate, the prizes carry a cash award of $15,000, except the public service category for which a gold medal is awarded.

The public service prize went to The Anchorage Daily News for a series that dealt with policing in Alaska state.

In making the award to the three, the Board said on its website that it was "for striking images of life in the contested territory of Kashmir as India revoked its independence, executed through a communications blackout".

Besides making the false claim about "independence" of Kashmir being "revoked", the board that includes several leading journalists did not explain how their photographs could have reached the AP within hours of the incidents recorded "through a communication blackout".

India's Central government only revoked Article 370 of the Constitution that gave Jammu and Kashmir a special status and it was not independent.

Indian journalists were allowed to operate in Kashmir, while only non-Indian journalists were barred.

The wording of the award announcement calls into question the credibility of the Pulitzer Board that gives out what are considered prestigious journalism awards.

The portfolio of pictures by the three on the Pulitzer web site included one of a masked person attacking a police vehicle and another of masked people with variants of the Kashmir flag, besides photos of mourners and protesters.

One of the finalists for the Pulitzer Prize for explanatory journalism was a reporter of Indian descent at The Los Angeles Times, Swetha Kannan, who was nominated for her work with two colleagues on the seas rising due to climate change.