Minor hit by car in UP minister's fleet, dies; CM announces Rs 5L ex gratia

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.

Lucknow, Mar 5: Uttar Pradesh chief minister Yogi Adityanath said last night that the role of teachers would come under the scanner when "anti-India" slogans are raised at universities and institutions of higher education.

"When anti-India slogans are raised at institutions of higher education, we should be prepared to ask why this type of distortion occurrs among our students?" he said at a programme organised by the Basic Shiksha Parishad in Lucknow.

"We begin our work with pledge for the country's unity and integrity and today slogans are raised for the division of the nation. In such a situation, questions are raised over the role of teachers who are considered equal to god in society," he said.

"Who all are involved in this sin and chaos? Governments can provide resources, but the one who has given them basic education, who has given them secondary education and who has led them to that place, all of them should evaluate their actions today," the chief minister said.

Speaking about the condition of education in the state when his government came to power three years ago, he said there was an atmosphere of chaos and anarchy in the state and the condition of basic education was very bad.

"The worst problem was that of proxy teachers. Our government started the process of prohibiting proxy teachers in the first phase," he said.

Adityanath said that a teacher is not just a government servant, but the fate of the nation. He said teachers should learn from Chanakya.

Had Chanakya confined himself to Nalanda University, he would not have been able to make India a superpower of the world during that period. Teachers will have to prepare themselves according to the challenges and need of society, he added.

New Delhi, Jan 11: Assets worth Rs 78 crore have been attached by the ED in connection with a money laundering probe against former ICICI Bank Chairman Chanda Kochhar and others, officials said on Friday.

A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued for attachment of the properties that includes Kochhar's Mumbai-based house and some other assets belonging to a company linked to her, they said.

The book value of the attached assets is Rs 78 crore, they said.

The Enforcement Directorate (ED) is probing Kochhar, her husband Deepak Kochhar and others in a case of alleged irregularities and money laundering in giving loans by the bank to the Videocon group.