Saffron activists attack minority youths for distributing sweets on I-Day 

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.

Mangaluru/Udupi, Jul 7: Coastal districts of Dakshina Kannada and Udupi crossed 100 plus Covid19 positive cases mark again on Tuesday, after slipping to double digit cases for a day on Monday. While Dakshina Kannada accounted for 83 of these cases and one death, Udupi tallied 28 fresh cases taking the combined tally of new cases to 111.

DK stood second behind Bengaluru Urban that recorded 800 out of 1,498 new cases that the state recorded for the day.

In all, 48 primary contacts testing positive led DK district’s spurt of 83 cases, Sindhu B Rupesh, deputy commissioner, said. Influenza like illness (ILI) cases accounted for 20 of the 83 cases, one each were diagnosed with severe acute respiratory illness (SARI) and from pre-surgery sample collected before delivery, two had history of inter-district travel, three each were cases of random, pre-surgery samples and source of infection being traced.

A 65-year-old male from Moodbidri who had co-morbid conditions including diabetes, pneumonia and heart ailment succumbed to the pandemic during the day. He was admitted for treatment at a private hospital on July 3. With this, the death toll due to coronavirus in DK district rose to 26 and two of them are due to non-Covid reasons including a case each of suicide and a person succumbing to liver cirrhosis and they tested positive post death.

G Jagadeesha, deputy commissioner, Udupi district said the 28 new cases took the total positive cases in Udupi to 1390. With 1182 patients discharged and three deaths, Udupi as on date has 205 active cases. Those who tested positive include KSRTC driver who travelled to Bengaluru, vegetable vendor at Adi Udupi market and people with travel history to Tumakuru, Bengaluru, Mumbai, Dubai and two even from DK and rest primary contacts, DC said.

Health authorities in DK district also discharged 99 patients during the day to keep their active cases tally at 650. The two districts combined have 855 active cases as on date. As per revised protocol issued by the department of health and family welfare, the district administration also permitted 28 patients with mild symptoms to undergo home isolation while the rest are being treated either at private hospitals or at the designated Covid19 hospital for DK.

Bengaluru, Jan 15: The Indian startups secured 12.7 billion in funding last year -- a 15% growth compared to 2018 - and Bengaluru startup community topped the list, with securing $5.3 billion across 267 deals, a new report said on Tuesday.

In total, the Indian startups attracted 766 deals in 2019, taking total deal count between 2014-2019 to 5,011, said DataLabs by Inc42 in its annual startup funding report.

Sequoia took the top spot as the most active VC in 2019 with 53 deals, followed by Accel that participated in 38 deals. Blume Ventures, Matrix Partners and Tiger Global were in the top five VCs in 2019.

"The Indian startup economy is entering new decade with over $58 billion in fundraising and 2,984 funded startups between 2014-2019," the findings showed.

With an average of $21 million, the ticket size value of funding increased by 15% in 2019.

Ecommerce and fintech -- with $2.6 billion funding each -- took the top slot with 93 deals and 125 deals, respectively.

"Ecommerce continued to remain at the top by the end of 2019. The growing investor confidence towards sub-sectors such as vertical ecommerce, social commerce and private label businesses is one major factor for ecommerce maintaining its lead," a DataLabs spokesperson said in a statement.

According to the estimates, the funding amount and deal count in 2020 will be around $12.6 billion at a 1% decline from 2019.

"Nevertheless, the investment activity is expected to rise in 2021," said the report.

The data suggests that 2019 had lowest number of startups funded (664) in the last five years, with seed-stage funding deals dropping by 53%, compared to 2016.

With $252 million in funding, seed-stage deal value fell by 44% (compared to 2018) as only 306 seed funding deals were recorded, the report said.

The enterprise tech had a blockbuster year with total funding of $1.15 billion across 114 deals in 2019. The sector recorded a 49% surge in total funding amount, compared to 2018.

The Indian startup economy saw 275 unique VCs participating in funding in 2019, said the report.