Discoms fleecing people: Kejriwal

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.

New Delhi, May 23: On the occasion of Jumat-ul-Vida, the last Friday of the ongoing holy month of Ramzan, a select group of people offered namaz at Delhi's Jama Masjid ahead of Eid-ul-Fitr, while adhering to social distancing following relaxations in the fourth phase of the COVID-19 lockdown.

"A large number of people wanted to offer prayers today but we told them they should do so from their homes. Only the staff of the mosque and a few members of the family offered prayers here," Shahi Imam of Jama Masjid said.

The coronavirus pandemic has also marred the excitement of Eid for the vegetable and fruit vendors in neighbouring Daryaganj.

The fourth phase of nation-wide lockdown extended till May 31, began from Monday in which markets and shops were allowed to open. However, due to persisting fear of COVID-19, the sale of products is yet to pick pace.

Unlike each year, the market lacks the sheen this Eid with no bustle and people cautious about venturing out.

Salim, who has been selling cheese and curd in the market for the last 35 years, told ANI, "I have never seen such an Eid. There is an atmosphere of fear in the minds of people."

Another fruit seller Haseen Malik said that "During the month of Ramadan, most people relish fruits such as musk melon, sweet lemon and watermelon so there is some demand for it. But there is no excitement for Eid this year. The sale has been at an all-time low because of the lockdown."

In the wake of the festival and to ensure social distancing, Delhi Police has made elaborate security arrangements. 

New Delhi, Jan 21: With the IMF lowering India's economic growth estimate for the current fiscal to 4.8 per cent, senior Congress leader P Chidambaram on Tuesday claimed an attack on the world body and its chief economist Gita Gopinath by government ministers was imminent.

He also alleged that the growth figure of 4.8 per cent given by the International Monetary Fund (IMF) is after some "window dressing" and he won't be surprised if it goes even lower.

"Reality check from IMF. Growth in 2019-20 will be BELOW 5 per cent at 4.8 per cent," Chidambaram said in a series of tweets.

"Even the 4.8 per cent is after some window dressing. I will not be surprised if it goes even lower," the former finance minister said.

IMF Chief Economist Gopinath was one of the first to denounce demonetisation, he noted.

"I suppose we must prepare ourselves for an attack by government ministers on the IMF and Dr Gita Gopinath," Chidambaram said.

The IMF lowered India's economic growth estimate for the current fiscal to 4.8 per cent and listed the country's much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.

In October, the IMF had pegged India economic growth at 6.1 per cent for 2019.

Listing decline in rural demand growth and an overall credit sluggishness for lowering of India forecasts, Gopinath, however, had said the growth momentum should improve next year due to factors like positive impact of corporate tax rate reduction.