Salman Khan gets 5-year jail term in blackbuck killing case

Singapore, Jun 2: Moody's Investors Service on Tuesday downgraded 11 Indian banks along with as many non-financial companies and infrastructure majors besides four government-related issuers following a downgrade of the Indian government's issuer rating to Baa3 from Baa2 with a negative outlook.

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, volatile oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets, said Moody's.

The Indian banking sector has been affected given the disruptions to India's economic activity from the coronavirus outbreak, which is weakening borrowers' credit profiles, it added.

The 11 lenders include Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Export-Import Bank of India, HDFC Bank, Indian Overseas Bank, IndusInd Bank, Punjab National Bank, State Bank of India and Union Bank of India.

The 11 non-finance companies are Oil and Natural Gas Corporation, Hindustan Petroleum Corporation, Oil India, Indian Oil Corporation, Bharat Petroleum Corporation, Petronet LNG, Tata Consultancy Services, Infosys, Reliance Industries, UPL Corporation and Genpact.

The 11 infrastructure companies are NTPC, NHPC, National Highways Authority of India, Power Grid Corporation, Gail India, Adani Green Energy Restricted Group (RG-2), Adani Transmission Restricted Group, Adani Ports and Special Economic Zone, Adani Transmission, Adani Electricity Mumbai and Azure Power Solar Energy.

The four Indian government-related issuers are Indian Railway Finance Corporation, Housing and Urban Development Corporation, Power Finance Corporation and REC Ltd.

"Government-related issuers in India have been affected because of disruptions to India's economy which will weaken borrowers' credit profiles," said Moody's.

New Delhi, Feb 10: The government is set to privatise Central Electronics Ltd, a CPSE under the Department of Science and Technology, by selling its 100% stake with management control and has invited the Expression of Interest for the same by March 16.

The selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL, the PIM (Preliminary Information Memorandum) said.

"The government of India has 'in-principle' decided to disinvest 100 per cent of its equity shareholding in CEL (which is equivalent to 100 per cent of the total paid up equity share capital of CEL) through Strategic Disinvestment with transfer of management control (Strategic Disinvestment or Transaction)," DIPAM, the Disinvestment Department, said.

The process for the transaction has been divided into two stages, namely, Stage I and Stage II.

After BPCL and Air India, this is yet another CPSE which government is slated to privatise if it gets offers from bidders.

The government has set a challenging target of Rs 2.1 lakh crore disinvestment proceeds from CPSE sell-offs and IPOs, OFSs (Offer for sale) in the next fiscal and it going out all guns blazing to meet that target after revising this fiscal target of Rs 1.05 lakh crore to Rs 65,000 crore.

The Interested Bidders (which can also include employees of CEL) must have a minimum net worth of Rs 50 crore as on March 2019. DIPAM has released complete invitation Preliminary Information Memorandum (PIM) of CEL. Resurgent India Limited is the advisor to the Transaction.

CEL is a pioneer in the country in the field of Solar Photovoltaic (SPV) with the distinction of having developed India's first Solar cell in 1977 and first Solar panel in 1978 as well as commissioning India's first solar plant in 1992.

More recently, it has developed and manufactured the first crystalline flexible solar panel especially for use on the passenger train roofs in 2015.

Its solar products have been qualified to International Standards IEC 61215/61730. CEL is further working on development of a range of new and upgraded products for signaling and telecommunication in the railway sector.

In the SWOT analysis of the CPSE, DIPAM has stated under weakness that "the company has weak financial loss due to past losses, high manufacturing cost and non payment of dues by state nodal agencies affecting the financial position of the company".

The CPSE has adequate land for expansion, the SWOT analysis said adding "the CPSE faces threat of dumping of solar cells at very low rates which makes solar PV manufacturing industry unviable".

Entry of new players in the market for solar products and railway signalling systems also is cited as a threat.

New Delhi, Jul 14: Going down the memory lane, late Bollywood actor Sushant Singh Rajput's close friend and actor Rhea Chakraborty recalled her memories with the departed actor as Rajput's untimely demise completed one month on Tuesday.

This marks the 'Jalebi' actor's first social media post dedicated to Rajput after his demise.

Chakraborty took to Instagram to post two pictures of herself with the 'Kai Po Che!' actor and complimented the post with a long emotional note.

She began the note by stating how she is "still struggling" to face her emotions and said that she will never come to terms with the actor's demise.

"Still struggling to face my emotions.. an irreparable numbness in my heart. You are the one who made me believe in love, the power of it," she wrote.

"You taught me how a simple mathematical equation can decipher the meaning of life and I promise you that I learnt from you every day. I will never come to terms with you not being here anymore," she added.

Terming Rajput as the "greatest physicist," the 'Mere Dad Ki Maruti' actor then recalled Rajput's passion for astrophysics.

"I know you're in a much more peaceful place now. The moon, the stars, the galaxies would've welcomed "the greatest physicist "with open arms," Chakraborty wrote.

Full of empathy and joy, you could lighten up a shooting star - now, you are one. I will wait for you my shooting star and make a wish to bring you back to me," she added.

Remembering the bond that she shared with him, Rhea wrote, "You were everything a beautiful person could be, the greatest wonder that the world has seen. My words are incapable of expressing the love we have and I guess you truly meant it when you said it is beyond both of us."

"You loved everything with an open heart, and now you've shown me that our love is indeed exponential," she added.

The 28-year-old actor ended the note by stating how she will love Rajput for a "lifetime."

"Be in peace Sushi. 30 days of losing you but a lifetime of loving you....Eternally connected. To infinity and beyond," she wrote.

Chakraborty and Rajput were close friends and were also set to share the screen space in the film 'Happy Anniversary.'

Sushant Singh Rajput was found dead in his Mumbai residence on June 14. The investigation in the case related to Rajput's demise is currently underway for which Chakraborty was also interrogated by Mumbai Police.