Where politicians invest: Mutual funds, RIL and even Kingfisher Airlines

Agencies
April 29, 2019

New Delhi, Apr 29: Fixed deposits and tax-free bonds seem to be among the most favoured financial investments for the political leaders fighting the Lok Sabha polls, while mutual funds and stocks also adorn the portfolios of many and some even have got shares of long-defunct firms like Kingfisher Airlines.

Shares of Mukesh Ambani-led Reliance Industries Ltd (RIL), the country’s most valued company with a market capitalistion of over Rs 8.82 trillion, can be found in the portfolios of several leaders, while stocks and mutual fund units of the firms from younger brother Anil Ambani-led Reliance Group are also a common sight, as per disclosures made in election affidavits of the contestants.

However, some top leaders including Prime Minister Narendra Modi have no stock market or mutual fund exposure at all and their financial savings are limited to deposits in banks, tax-free bonds, insurance policies and instruments like National Savings Certificate.

The direct equity investments for a few are limited to unlisted companies, including those owned by their families.

BJP President Amit Shah has disclosed a long list of listed and unlisted shares in his name and in the name of his spouse. The listed shares in his name, totalling over Rs 17.5 crore, include companies from Aditya Birla Group, Bajaj, L&T, Tata and both Reliance groups, as also several PSUs.

Congress chief Rahul Gandhi has disclosed equity holding in Young Indian and investments in several mutual funds. The portfolio of his mother and senior party leader Sonia Gandhi includes equity shares of Young Indian and Maruti Technical Services Pvt Ltd and mutual fund units of HDFC, Kotak, Motilal Oswal and Reliance MF.

Nationalist Congress Party’s Supriya Sule, daughter of veteran leader Sharad Pawar, has got unlisted shares worth over Rs 1 crore and listed shares worth over Rs 6 crore, besides some mutual funds. The listed shares include those of Adani Group firms, the two Reliance groups, several Tata firms and even Kingfisher Airlines as also of some other companies from the erstwhile UB Group, including United Spirits which was sold by defaulter businessman Vijay Mallya to global liquor giant Diageo Plc. Kingfisher shares have long been delisted from the stock exchanges, though they quoted at above Rs 300 apiece once. The stocks eventually slipped below Rs 1 and trading was eventually suspended in 2014-end after mounting troubles for the erstwhile luxury airline had led to its closure.

Union minister and BJP candidate from Nagpur Nitin Gadkari has equity shares of Purti Power and Sugar Ltd, among other investments.

Poonam Mahajan, BJP candidate from Mumbai North Central, has disclosed listed equity investments by her spouse in Kingfisher Airlines, as also in Reliance Industries, TCS, Vodafone Idea Cellular and Reliance Power. Her Congress rival Priya Dutt has listed several mutual fund and portfolio schemes totalling about Rs 14.92 crore, while the listed shares disclosed in the name of her spouse include Reliance Industries, Reliance Infra and Reliance Power. Congress candidate from Mumbai South, Murli Deora, has disclosed multiple bonds, structured market products, PMS account, mutual funds and FMPs (fixed maturity plans).

Actress-turned-politician Urmila Matondkar, Congress candidate from Mumbai North, has disclosed Rs 28.28 crore worth investment in shares, bonds and mutual funds and PMS (portfolio management service) investments worth about Rs 6 crore, but the individual stocks/units were not disclosed.

Jaya Prada, another former actress and the BJP candidate from Rampur in Uttar Pradesh, has also disclosed investments in some listed companies such as Energy Development Company Ltd (which has got her political mentor Amar Singh as a promoter), Coal India, HDFC Bank, ITC, MCX and Reliance Industries. Actor-politician Raj Babbar, the Congress candidate from Fatehpur Sikri, has investments in IL&FS Transportation Networks Ltd.

Among other Uttar Pradesh candidates, Union minister and BJP leader Satyapal Singh has disclosed investments worth Rs 1.5 lakh in mutual funds and bonds in his name and some equity shares held by his spouse including of Reliance Capital and Reliance Industries.

Another union minister V K Singh and his spouse have also invested in various mutual funds.

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News Network
March 19,2020

New Delhi, Mar 19: The total number of reported novel coronavirus cases in India has climbed to 169, with 30 fresh cases reported from various parts of the country on Wednesday.

The total cases in India include 25 foreign nationals and the three persons who died in Delhi, Karnataka and Maharashtra.

As coronavirus cases continue to rise in India, over 5,700 people, who had come in contact with positive cases, continue to be under rigorous surveillance, the government has said.

Maharashtra has 43 cases, including 3 foreigners, while Kerala has recorded 27 cases which include two foreign nationals. A 28-year-old woman from Pune with a travel history to France and the Netherlands tested positive for Covid-19, a senior official said on Wednesday.

A 68-year-old woman has tested positive for coronavirus in Mumbai. She was in close contact with a Covid-19 patient, who was diagnosed yesterday.

In Rajasthan, three more have tested positive for Covid-19. The new cases have come from Jhunjhunu district. Their samples have been sent to SMS Medical college.

In Maharashtra, a 21-year-old man in Pimpri Chinchwad with travel history to the Philippines, Singapore and Colombo has tested positive for coronavirus. One more person in Ratnagiri has tested positive for Covid-19.

Telangana has reported seven more confirmed coronavirus cases. All the seven are Indonesian national.

Delhi has so far reported 10 positive cases which include one foreigner while Uttar Pradesh has recorded 16 cases, including one foreigner. A man from Noida tested positive on Wednesday, taking the total number to four in Noida.

Karnataka reported two fresh cases on Wednesday, taking the number of infections to 13. The number of cases in Ladakh rose to eight and Jammu and Kashmir three. Telangana has reported six cases which include two foreigners.

One more person has tested positive for coronavirus in Kashmir. The person, with foreign travel history, has been put under isolation. He had arrived in J&K on March 16.

There will be restrictions on public transport, assembly of people and some other measures, in #Srinagar from tomorrow.

Rajasthan has also reported four cases including that of two foreigners. Tamil Nadu, Andhra Pradesh, Odisha, Uttarakhand and Punjab have reported one case each.

Tamil Nadu Health Minister C Vijayabaskar has confined the state's second positive case of coronavirus in the state.

The health minister has stated that the condition of the patient is stable and is in observation.

In Haryana, there are 16 cases, which include fourteen foreigners.

According to the Union ministry's data, 14 people have been discharged so far, including the three patients from Kerala.

Three persons infected with the virus have died so far, the latest casualty being a 64-year-old man from Mumbai with a travel history to Dubai who succumbed on Tuesday.

While a 76-year-old man from Kalaburagi who returned from Saudi Arabia died last Tuesday, a 68-year-old woman in Delhi who had tested positive for coronavirus passed away on Friday night.

The government on Tuesday banned the entry of passengers from Afghanistan, Philippines and Malaysia to India with immediate effect, according to an additional travel advisory.

With coronavirus cases swelling in the country, the government has also banned the entry of passengers from the European Union countries, Turkey and the UK from March 18 till March 31.

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News Network
February 1,2020

New Delhi, Feb 1: Air India's jumbo B747 plane, evacuating 324 Indian nationals from the novel coronavirus-hit Wuhan in China, landed here on Saturday morning, officials said.

The plane reached Delhi around 7.30 am, they said.

There were five doctors from Ram Manohar Lohia (RML) Hospital and one paramedical staff on board, said an Air India spokesperson.

The Indian Army has set up a quarantine facility in Manesar near Delhi to keep those evacuated from China's Hubei province.

Officials said they would be monitored for any signs of infection for a duration of two weeks by a qualified team of doctors and staff members.

"With 324 passengers, special flight has taken off for India from Wuhan. It may reach Delhi at 7.30am," said the Air India spokesperson at 1.19 am on Saturday.

The flight had departed from Delhi airport at 1.17 pm on Friday to evacuate Indian nationals from China, where more than 250 people - none of them Indian - have died due to novel coronavirus.

On Friday evening, the Air India spokesperson had stated that another special flight may take off from Delhi airport on Saturday to evacuate Indians from Wuhan.

The death toll from the novel coronavirus outbreak in China has risen to 259 with total confirmed cases surging to 11,791 amid stepped up efforts by a number of countries to evacuate their nationals from Hubei province, the epicentre of the virus, officials said on Saturday.

About Friday's flight, the spokesperson had said earlier during the day, "A team of five doctors from RML hospital, one paramedical staff from Air India, with prescribed medicines from doctors, masks, overcoats, packed food are in the aircraft. A team of engineers, security personnel are also there in this special aircraft. Whole rescue mission is being led by Captain Amitabh Singh, Director (Operations), Air India."

The spokesperson had added that there were five cockpit crew members and 15 cabin crew members on Friday's flight.

Before departure at Delhi airport, Air India Chairman and Managing Director Ashwani Lohani had said, "No service will take place in the plane. Whatever food is there will be kept in seat pockets. As there will be no service, there will be no interaction (between cabin crew and passengers)."

"Masks have been arranged for the crew and passengers. For our crew, we have also arranged a complete protective gear," he had added.

"Total five doctors from the Health Ministry are also going... The plane will be there (at Wuhan airport) for 2-3 hours," Lohani had said.

Air India has done such evacuations earlier also from countries such as Libya, Iraq, Yemen, Kuwait and Nepal.

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News Network
January 31,2020

New Delhi, Jan 31: Substantial competition and low tariff rates by telecom operators since 2016 have led to a financial stress in the sector, the Economic Survey said on Friday.

The data price in the country came down by over 99 per cent during 2016-2019, making it among the lowest tariff in the world, according to the survey.

"Since 2016, the sector has witnessed substantial competition and price cutting by the telecom service providers (TSPs), creating financial stress in the sector. As a result, the sector is experiencing consolidation. While some operators have filed for bankruptcy, others have merged, in their quest to improve viability," the survey report said.

In April-June 2019, the price of data was Rs 7.7 per gigabyte (GB) as compared to Rs 200 per GB in June 2016, it added.

"The Average Revenue Per User (ARPU) for GSM based mobile services has also gone down substantially from Rs 126 in June 2016 to Rs 74.30 in June 2019," the survey said.

The tariff war started in the market with entry of new telecom operator Reliance Jio in September 2016.

"BSNL and MTNL are also affected by the tariff war that has impacted their cash flow resulting in mounting losses," the survey said.

The financial health of the public sector telecom firms plummeted to a level where they have been finding hard to pay employees salaries in time.

The government has drawn up a plan to revive these PSUs which is still in works.

The revival plan consists of several measures, including reduction of staff cost through voluntary retirement scheme, allotment of spectrum for 4G services, monetisation of land and building, tower and fibre assets of BSNL and MTNL, debt restructuring through sovereign guarantee bonds and ''in-principle'' approval for merger of BSNL and MTNL.

The survey said that the wireless telephony now constitutes 98.27 per cent of all subscriptions whereas share of landline telephones now stands at only 1.73 per cent where market share is dominated by private sector players.

"The overall tele-density in India stands at 90.45 per cent, the rural tele-density being 57.35 per cent and urban teledensity being 160.71 per cent at the end of September 2019. The private sector dominates with a share of 88.81 per cent (106.06 crore connections) at the end of September, 2019 while the share of public sector was 11.19 per cent (13.36 crore connections)," the survey said.

The lower price of data has also lead in surge of broadband connections and average consumption of the internet.

Total broadband connections increased by about ten times, from 6.1 crore in 2014 to 59.46 crore in June 2019, the survey said.

The number of internet subscribers (both broadband and narrowband put together) stood at 66.53 crore at the end of June 2019 as compared to 25.16 crore in 2014.

The number of mobile internet subscribers was 64.36 lakh at the end of June 2019 while the number of wireline internet subscribers was 2.17 crore.

"India is now the global leader in monthly data consumption, with average consumption per subscriber per month increasing 157 times from 62 MB in 2014 to 9.8 GB in June 2019. The cost of data has also reduced substantially, enabling affordable internet access for millions of citizens," the survey said.

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