Mumbai, Oct 4: Former managing director of Punjab Maharashtra Cooperative Bank, Joy Thomas, was arrested on Friday in connection with the alleged Rs 4,355 crore scam at the bank by the Economic Offences Wing of Mumbai Police.
Thomas was summoned to the EOW office at the city police headquarters and arrested after questioning, a police official said.
On Thursday, EOW had arrested HDIL directors Rakesh Wadhawan and his son Sarang Wadhawan in the case.
New Delhi, Jun 24: A litre of diesel on Wednesday was more expensive than a litre of petrol after the price of the former was hiked by 48 paise on the 18th successive day of fuel price revisions. While petrol price remained unchanged for the first time since June 7, diesel prices maintained upward trajectory to touch new highs.
It is for the first time in Delhi that diesel has become more expensive than petrol. A litre of the fuel now costs ₹79.88 as against ₹79.76 for a litre of petrol, as per a report in news agency ANI.
While surging fuel prices may generate much-needed revenue for governments, it would also have a detrimental impact on household budgets. The spike in diesel prices also has a wider impact on the transport and agricultural sectors which are largely dependent on the fuel.
The widest gap between the prices of the two fuels was on June 18 of 2012 when a litre of petrol was at ₹71.16 in Delhi while diesel was at ₹40.91. On June 28, the gap between the two fuels was 31.17 per litre in Mumbai. Around that time, there was a spurt in sales of diesel passenger vehicles while demand for such vehicles has come down significantly in current times. This has also led many manufacturers to ditch diesel engines completely.
The current trend of fuel price hikes are unlikely to do demand for petrol vehicles much good either.
Daily price revisions of the two fuel had been temporarily halted for 83 days till it was resumed on June 7.
India's demand for fuel doubled in May and has been steadily rising in June with the easing of restrictions. Indian refineries have already scaled up crude processing with Indian Oil Corp, the country's top refiner, looking to operate its plants at about 90% capacity in June.
The rising fuel prices, however, have resulted in political uproar with Congress leading the charge against the central government and accusing it of penalising consumers by imposing high taxes. A demand for including fuel prices under Goods and Services Tax (GST) has also been renewed by many but it is highly unlikely that it would happen. With oil companies looking to cut back on their previous loses and governments - central as well as states - aiming to generate revenue after tumultous weeks of lockdown, fuel price hikes are likely to stay till at least the end of June.
New Delhi, Feb 11: AAP leader Sanjay Singh on Tuesday said his party will register a "massive win" in the high-stakes Delhi Assembly election, counting for which began amid tight security at various centres set up to carry out the exercise.
Initial trends suggested the ruling Aam Aadmi Party marching ahead, but the Bharatiya Janata Party leaders maintained that their party would win.
The counting began at 8 am and will be held in multiple rounds, Delhi Chief Electoral Officer Ranbir Singh said.
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.
Comments
Add new comment