Terror attack at Uri Army base, 17 jawans killed

September 18, 2016

Srinagar, Sep 18: Heavily armed militants stormed a battalion headquarters of the Army in North Kashmir's Uri town in the wee hours today, killing 17 jawans and injuring 19 other personnel in the terror strike in which four ultras were neutralised.uri-mos

Explosions and gunfire erupted as the militants attacked the camp, which is located barely few metres away from the Army's Brigade Headquarters in Uri town, 102 kms from here, around 4 AM, official sources said.

The jawans of the Dogra Regiment were sleeping in a tent which caught fire due the explosion. The fire also engulfed the nearby barracks, the sources said.

17 jawans were killed in the terror attack, the Northern Command of the Army said. Nineteen other personnel were injured in the strike in which four militants were killed.

"A group of heavily armed terrorists targeted the rear administrative base of a unit at Uri, Kashmir. In the counter action, four terrorists have been eliminated and combing operations are in progress," the Army said in a statement.

"The administrative base had large strength of troops of units turning over after their tour of duty who were stationed in tents/temporary shelters which caught fire, and resulted in heavy casualties. We salute the sacrifice of 17 soldiers who were martyred in the operation," the statement said.

Helicopters from the Army's 19 divisional headquarters in Baramulla have been pressed into service and the injured Army personnel have been evacuated from the encounter site, the sources said.

Defence Minister Manohar Parrikar and Army Chief Gen Dalbir Singh Suhag are rushing to Kashmir in the wake of terror attack in Uri. The Home Minister has also called an emergency meeting to review the situation arising out of the terror attack.

The attack comes two years after militants had carried out a similar type of attack at Mohra in the same area. Ten security personnel were killed in the attack that took place on December 5, 2014.

It is believed that the attack was the handiwork of a freshly infiltrated group of militants who could have entered along the Salamabad Nallah into the town.

The Home Minister has postponed his scheduled visit to Russia and the United States in the wake of the attack in Uri and the unrest in Jammu and Kashmir. Singh also spoke to the Jammu and Kashmir Governor and Chief Minister Mehbooba Mufti on the situation arising out of the terror strike in Uri.

The Home Minister was scheduled to leave for Russia tonight for a four-day bilateral visit and later to the US on September 26 for a six-day tour to attend the Indo-US Homeland Security Dialogue.

"Keeping the situation of Jammu and Kashmir in mind and in the wake of terror attack in Uri, I have postponed my visits to Russia and the US," he said in a statement here.

The Home Minister said he has spoken to Governor N N Vohra and the Chief Minister and discussed with them the situation arising out of attack on a Army Brigade Headquarters in Uri and both of them apprised him of the overall situation in Jammu and Kashmir.

"I have given instructions to Home Secretary (Rajiv Mehrishi) and other officers in the Home Ministry to closely monitor the situation in Jammu and Kashmir," he said.

The Home Minister also called an emergency meeting to review the situation arising out of the attack on the Brigade Headquarters in Uri. National Security Advisor Ajit Doval, the Union Home Secretary, top Army, paramilitary and Home Ministry officials are attending it.

Comments

Shaad
 - 
Sunday, 18 Sep 2016

When BJP holds power at the centre, terrorists become fearless. They easily enter our parliament, most secured Pathankhot Air base and now Uri army base.
BJP rule is prone to terror attacks. even Sadhvi, Aseemananda gets bail.

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News Network
June 12,2020

New Delhi, Jun 12: Petrol price on Friday was hiked by 57 paise per litre and diesel by 59 paise a litre as oil companies adjusted retail rates - the sixth straight day of increase in rates since oil firms ended an 82-day hiatus of rate revision.

Petrol price in Delhi was hiked to Rs 74.57 per litre from Rs 74, while diesel rates were increased to Rs 72.81 a litre from Rs 72.22, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary in each state depending on the incidence of local sales tax or value added tax.

This is the sixth consecutive daily increase in rates since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

In six hikes, petrol price has gone up by Rs 3.31 per litre and diesel by Rs 3.42.

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Agencies
July 15,2020

Mumbai, Jul 15: In a mega investment announcement, Reliance Industries (RIL) Chairman Mukesh Ambani on Wednesday said that Google will invest ₹ 33,737 crore in Jio Platforms for an equity stake of 7.73%.

Google is investing at an equity valuation of ₹ 4.36 lakh crore, said an RIL regulatory filing.

"Jio Platforms Limited, a subsidiary of the Company, today signed binding agreements with Google International LLC pursuant to which Google would invest ₹ 33,737 crore for a 7.73 % equity stake in Jio Platforms Limited on a fully-diluted basis. Google is investing at an equity valuation of ₹ 4.36 lakh crore," it said.

The transaction is subject to customary regulatory approvals.

Speaking at the Annual General Meeting of RIL, Ambani said that he looks forward to working with investors in Jio Platforms in a collaborative way.

Making another major announcement, the RIL Chairman said that Jio has designed a complete 5G solution and it will be available for trials as soon as spectrum is available.

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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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