Exit polls predict BJP win in Gujarat, Himachal Pradesh

Agencies
December 15, 2017

New Delhi, Dec 14: The BJP looks headed for facile victories in both Gujarat and Himachal Pradesh, exit polls by various media houses concluded unanimously after a rancorous campaign which saw sharp exchanges between Prime Minister Narendra Modi and Congress's president-elect Rahul Gandhi.

Almost all exit polls predicted more than 100 seats for the BJP in Gujarat where the party has been ensconced in power for close to two decades now.

In Himachal Pradesh, where the electorate has chosen the Congress and BJP alternately in Assembly elections, the exit polls projected a clear majority for the saffron party, unseating the Congress.

Today's Chanakya gave BJP 135 seats in Gujarat and predicted a measly 47 for the Congress, 14 less than the opposition party has in the current Assembly. It predicted a voteshare of 49 per cent for the BJP and 38 per cent for challenger Congress.

A party or an alliance has to win at least 92 seats in the 182-member House to form government in Gujarat.

In the 2012 Assembly polls, the BJP had won 115 seats, the Congress 61 and others six.

The Times Now-VMR Exit poll predicted 113 seats for the BJP and 66 for the Congress, with the remaining going to others.

The Republic-C Voter Exit Poll gave the BJP 108 seats and the Congress 74.

The ABP-CSDS exit survey by ABP News predicted a BJP victory in 117 seats as against the Congress's 64.

The NDTV said the BJP was likely to clinch 112 seats and the Congress 70.

A survey by India Today's 'Aaj Tak' news channel also predicted that the BJP would retain power in the state, winning anywhere between 99 and 113 seats. Aaj Tak's was the lone survey that said the BJP's tally could slip under 100.

It projected 62 to 82 seats for the Congress.

India TV-VMR survey also forecast a BJP win, with the party likely to clinch anywhere between 108 and 118 seats. The Congress, it said, could win 61 to 71 seats.

The survey said the BJP could garner 48 per cent of the votes polled, the Congress 41 and others 11 per cent.

The News X Exit polls gave 110-120 seats to BJP and 65 to 75 seats to the Congress, leaving 2-4 seats for others, while the News Nation exit polls gave the BJP as many as 124-128 seats and the Congress between 52 to 56 seats and 1-3 for others.

In Himachal Pradesh, the exit polls predicted the BJP's return to power with a comfortable majority.

Today's Chanakya gave the BJP 55 seats and to the ruling Congress 13 seats, with the remaining to others. It also predicted a margin of plus/minus 7 seats.

The Times Now-VMR and Zee News-Axis exit polls predicted identical tally of 51 seats for the BJP in the 68-member Assembly. A party needs 35 seats for a simple majority in the House.

The Times Now-VMR poll gave 16 seats to the Congress and one to other, while the Zee News-Axis poll forecast 17 seats for the current ruling party.

The Aaj Tak-Axis exit poll gave 47-55 seats to the saffron party, 13-20 to the Congress and 0-2 to others.

The ABP News-CSDS exit poll predicted 38 seats for the BJP anmd 29 for the Congress, with one to others.

Among other exit polls, the News X survey predicted 42-50 seats for the BJP and 18-24 for the Congress.

Congress had returned to power in Himachal Pradesh in 2012 pocketing 36 seats, marginally more than the half-way mark, while the BJP secured 26. The others had bagged the remaining six.

Defence Minister Nirmala Sitharaman claimed that the BJP was always confident of its victory and the exit polls have predicted the same.

"We have been confident from the beginning that we will be able to work with the voters in Gujarat, we will be able to communicate with them. Our good work in the last several governments that we have had, has been repeatedly called by the voters themselves. We have more work to do towards development which is 'sab ka sath, sab ka vikas'," she said.

The minister, a former BJP spokesperson said, Gujarat was a state which was very conscious about development. It was aware of what was happening around the globe and would want to be aligned with international financial markets, she said.

Sitharaman said the state valued the importance of peace and harmony, and of good governance.

"I think our plank that only development can bring in equality-based development has been acceptable for the people.

And that s what exit polls show. We will wait for the 18th, we are confident we will make it," she said.

The Congress was, however, skeptical about the predictions, with party spokesperson Shobha Oza insisting exit polls have proved wrong in elections before, and claiming it will emerge victorious.

"I don't know how much you trust the exit polls. We have seen exit polls in Bihar, Tamil Nadu, Punjab. All of them proved to be wrong. So, how much can one trust the exit polls.

"We will wait for the 18th for the real results. Let's not take these exit polls too seriously. We have seen them go wrong in many states in the past," Oza said, adding "definitely, we are winning in Gujarat."

The BJP was confident about a landslide victory.

"We will register landslide victory. In UP, exit polls had said the BJP would win between 164 and 185 seats (out of 403), but we bagged 325. Exit polls are not exact polls. We are going to register landslide victory," he asserted.

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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Agencies
July 13,2020

Jaipur, July 13: Amid deepening political crisis in Rajasthan, a crucial meeting of the Congress Legislature Party (CLP) will be held at the chief minister's residence here on Monday.  

The Congress has issued a whip to all party legislators mandating their presence during the meeting which will be convened at 10.30 am by Chief Minister Ashok Gehlot.

Deputy Chief Minister Sachin Pilot has made it clear that he is not going to attend the meeting.

In a statement issued on Sunday night, Pilot had claimed that the Ashok Gehlot government was in minority and more than 30 Congress and some independent legislators have pledged support to him.  

By doing so, he has openly displayed rebellion against the leadership of Gehlot.

However, All India Congress Committee (AICC) general secretary Avinash Pande has said that 109 MLAs have expressed confidence in the Ashok Gehlot-led Congress government in the state and have signed a letter in support.

Pande said a whip had been issued asking all the MLAs to attend the CLP meeting and that action will be taken against those who skip it.

In the 200-member Rajasthan Assembly, the Congress has 107 MLAs and the BJP 72.

The Congress has the support of 10 out of 13 independents, and other party MLAs like Rashtriya Lok Dal (1), which is its ally. The Congress also considers Bhartiya Tribal Party (2) and CPI(M) (2) MLAs as their supporters.

BJP ally Rashtriya Loktantrik Party (RLP) has three MLAs in the assembly.

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News Network
May 14,2020

London, May 14: Vijay Mallya on Thursday lost his application seeking leave to appeal in the UK Supreme Court, in a setback for the embattled liquor tycoon who last month lost his High Court appeal against an extradition order to India on charges of fraud and money laundering related to unrecovered loans to his now-defunct Kingfisher Airlines.

The 64-year-old businessman had 14 days to file this application to seek permission to move the higher court on the High Court judgment from April 20, which dismissed his appeal against a Westminster Magistrates' Court's extradition order certified by the UK Home Secretary.

The latest ruling will now go back for re-certification and the process of extradition should be triggered within 28 days.

The UK Crown Prosecution Service (CPS) said Mallya's appeal to certify a point of law was rejected on all three counts, of hearing oral submissions, grant a certificate on the questions as drafted, and grant permission to appeal to the Supreme Court.

The Indian government's response to the appeal application had been submitted earlier this week.

The leave to appeal to the Supreme Court is on a point of law of general public importance, which according to experts is a very high threshold that is not often met.

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