Riot-hit old Hyderabad calm, but tense

April 10, 2012

RiotHyderabad, April 10: An eerie calm prevails in the Old City. Curfew continued on Tuesday for the thirth day with reports of clashes from different areas on Monday.

Despite curfew in some areas, minor communal incidents, including a bid to burn down a garage at Umda Bazaar in Kamatipura, have been reported from different areas of the walled city on Monday.

Elsewhere, miscreants dumped body parts of animals at two places of worship.

Apart from curfew-bound areas of Madannapet and Saidabad , shops and business establishments remained shut throughout the Old City. Meanwhile, police have arrested seven persons for their role in Sunday's communal incidents and 25 cases of violence have been transferred to the Central Crime Station (CCS) on Monday.

Following the incident of miscreants throwing objectionable material at a place of worship in Narayanguda on Sunday night, two more such incidents have been reported in Kacheguda on Monday morning. Bang in front of a religious place on the Amberpet-Kacheguda road, miscreants threw animal parts in the wee hours of Monday. Alerted by its staff, police immediately reached the spot and removed the animal parts.

Later, representatives of another place of worship in Nimboliadda approached police alleging that they found flesh on their premises. "We have booked suo motu cases under sections 295-A (Maliciously insulting the religious sentiments of any religion) and 153-A (promoting enmity between classes) of the Indian Penal Code (IPC)," DCP, East Zone, Y Gangadhar said.

On Sunday night, East and South zone police rounded up 157 communal and history sheeters. The South Zone police have registered 15 cases in relation to the communal violence, while the East Zone booked 12 cases. The Chandrayangutta police have arrested Shaik Jaffar and Shaik Shareef for damaging an RTC bus, while the Saidabad police arrested five persons __ Syed Javeed, Imran Bin Omar, M A Nayeem Junaid, M Santosh and M Raju__ for bikeburning incidents at Idgah grounds and stone pelting in Zakir Hussain Colony.

Tension prevailed in Balapur following the death of a 40-year-old businessman on Monday night. The victim was identified as Shivaiah of Srinagar near Imamguda on the outskirts of the city. Police said Shivaiah, who owned brick kilns, died in a road mishap at the Weaker Sections' Colony near Balapur while he was on his way to Saidabad along with his cousin Sekhar on a bike. However, locals claim he was attacked by miscreants with a sword. Locals found Shivaiah dead on the road with critical injuries, while his cousin Sekhar suffered injuries at around 9.30 pm. Soon people started gathering in large numbers as locals suspected that it was a communal murder. Meanwhile, police rushed to the spot and, after talking to Sekhar, said that the death was due to a road accident."Sekhar told us that a heavy vehicle hit their bike and the pillion-rider died due to the resultant injuries. Sekhar himself suffered injuries and was shifted to hospital," DCP, Shamshabad, G Sudheer Babu said.However, BJP leader Badam Bal Reddy, who reached the spot, alleged that Shivaiah was attacked with a sword by miscreants. The body has been shifted to Osmania Hospital for a post-mortem. In view of the latest incident, security has been stepped up across the city.

On Monday, Hyderabad police commissioner A K Khan transferred the investigation of 25 communal violence cases to CCS sleuths. The Old City wore a deserted look as most people preferred to remain indoors. Business establishments remained closed, fearing a violent aftermath even as shopkeepers in Laad Bazaar were instructed by police to down their shutters. Charminar witnessed no tourism activity.

A bangle seller from Laad Bazaar, requesting anonymity said, "This isn't a matter of a day or two, but will continue for a week at least. There are more than 400 shops in the area and the loss in the neighbourhood alone will easily be in crores. Also, prices of essential commodities are rapidly climbing. The aam aadmi is suffering."Commuters were hit as buses went off arterial roads. APSRTC regional manager N V Rao said, "The Chandrayangutta-Afzalgunj via Charminar, Shah Ali Banda and Engine Bowli route was not operational today."

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News Network
February 11,2020

New Delhi, Feb 11: Celebrations broke out at the AAP headquarters here as early vote-counting trends for the Delhi Assembly polls on Tuesday showed a comfortable victory for the Chief Minister Arvind Kejriwal-led party.

The headquarters were decorated with blue and white balloons and big cut-outs of Kejriwal were placed in different parts of the party office.

"We knew it. We have changed the politics of this country. Now it is Delhi, next is India," said Sanjeev Singh, a party volunteer from Hari Nagar.

Another volunteer Fareen Khan said, "We hope we get such a clear majority that a message goes out that doing Hindu-Muslim politics will not work anymore."

The Aam Aadmi Party (AAP) is leading in 26 seats while the BJP is leading in 14 seats, according to early trends by the Election Commission.

According to the EC's website, AAP convenor Kejriwal is leading in his New Delhi constituency.

Kejriwal reached the party office as the counting of votes got underway.

Counting centres are spread across 21 locations, spanning 70 constituencies.

Polling for the 70-member Delhi Assembly was held on Saturday.

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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
January 11,2020

New Delhi, Jan 11: Chief Minister of Kerala Pinarayi Vijayan on Saturday met JNU Students' Union (JNUSU) President Aishe Ghosh here at Kerala House on Saturday.

This meeting comes at the backdrop masked mob violence by miscreants who entered the university campus recently and attacked the students and professors with sticks and rods.

"I thank the Kerela government for standing by us and extending solidarity. Its fight Citizenship Amendment Act (CAA) shows how standing is standing for its secular ethos. Students Union takes the inspiration from this struggle," said Students' Union President in a statement after meeting Kerala CM.

She also thanked "the youth and comrades of Kerela" and quoted Pinarayi as saying, "go on we will take this fight ahead."

More than 30 students, including Ghosh, were taken to the AIIMS Trauma Centre.

The Delhi Police Crime Branch investigating the case of violence in JNU had identified and released photographs of nine suspects, including that of Aishe Ghosh.

Earlier on Monday, Kerala CM had said that the "Nazi-style attack" on the students and faculty is an appalling display of intolerance running amok.

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