'I am not afraid', says Sonia Gandhi on AgustaWestland deal

April 27, 2016

New Delhi, Apr 27: Congress President Sonia Gandhi today rejected as "baseless" allegations linking her and party leaders to bribes in the AgustaWestland chopper deal and said she is not "afraid" of being "cornered" on the issue.

soniaShe asked the government what it has been doing in power for the last two years on the issue and demanded that the ongoing inquiry be completed impartially.

"I am not afraid of anyone cornering me as there is no basis to that. All the accusations they are throwing at us are false," Gandhi told reporters in Parliament complex as BJP sought to target her onTHE DEAL .

"Where are the proofs. They are lying. They are part of a strategy of character assassination which we have known these people indulge in," Gandhi said.

Referring to the Modi government, Gandhi asked what has it been doing over the last two years.

"The government is there for the last 2 years. What are they doing? Inquiry is there, why don't they complete it? Complete it as soon as possible, impartially," she added.

Gandhi's political secretary and senior Congress leader Ahmed Patel also rubbished the allegations against him and the party as "absolutely baseless."

"This government, when they are saying all these things outside and inside the Parliament, why can't they investigate," Patel said.

"If there is something against me, they should find out and they should hang me," he said when asked by reporters for his reactions over the allegations.

The comments of Sonia Gandhi and Patel come in the backdrop of BJP move to target the Congress President and other party leaders on the issue of bribes in the AugustaWestland chopper deal during the UPA regime in a bid to corner the main opposition party which has been paralysing Rajya Sabha on the Uttarakhand affair.

BJP today sought an explanation from Congress, while the opposition party hit back, asking why the Modi government had cancelled the process of blacklisting the firm in question.

Attacking Congress, Environment and Forests Minister Prakash Javadekar said that what has been revealed in Agusta Westland case is "very important and very serious" and that Congress owes an explanation.

He said that instead of disrupting Parliament, Congress should introspect on what "they have done to the country and explain what is the role of their leaders" in the case.

Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi also targeted Congress, saying that those accused ofPAYING bribes are in jail, but the alleged recipients are blocking the progress of the country.

There should be a discussion on the matter so that facts can come out in the open, he said.

BJP is expected to raise the issue in Parliament. Congress has been paralysing proceedings in Rajya Sabha over the imposition of President's rule in Uttarakhand.

Top BJP leaders had met yesterday to chalk out a strategy following reports that an Italian court, which has convicted AgustaWestland chief Giuseppe Orsi, has described how the firm paid bribes to certain Congress leaders to bag the Rs 3,600 crore deal.

Congress Spokesperson Randeep Surjewala, however, hit back, saying that if anybody needs to answer questions on the matter it is the Modi government.

He said the UPA governement had included an integrity clause as per which the contract for purchase of helicopters from Agusta Westland was cancelled, the guarantee forfeited and process initiated for recovery ofMONEY .

Surjewala said that the money too was recovered and "not a singleRUPEE loss was caused to the Government of India."

He said that the UPA government had also ordered a CBI inquiry as well as initiating the process of blacklisting Agusta Westland.

"On the contrary, as the government changed in May 2014, Modiji proceeded to cancel the process of blacklisting Agusta Westland. Why did Modiji not blacklist Agusta Westland?" Surjewala asked.

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News Networkwork
May 14,2020

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.

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Agencies
March 9,2020

Mumbai, Mar 9: The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.

Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 p.m., it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.

The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24% from the previous close of 37,576.62 points. 

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.

The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14% from the previous close. 

It was a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.

Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $34 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

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News Network
March 25,2020

New Delhi, Mar 25: The total number of positive coronavirus cases in India have climbed to 606, said Ministry of Health and Family Welfare on Wednesday.
The total number of active COVID-19 cases in the country so far stands at 553, while the number of people who have been cured or discharged stands at 42.
Ten people have died from the disease while one case has migrated, the Ministry further informed.
Meanwhile, Prime Minister Narendra Modi on Tuesday announced a 21-day lockdown in the entire country to deal with the spread of coronavirus, saying that "social distancing" is the only option to deal with the disease, which spreads rapidly.
In a televised address to the nation, Prime Minister Modi said that it is vital to break the chain of the disease and experts have said that at least 21 days are needed for it.

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