ABB India Q1 profit drops to Rs 66 crore on COVID-19 impact

News Networkwork
May 14, 2020

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.

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News Network
July 16,2020

Mumbai, Jul 16: Poet-activist Varavara Rao has tested positive for Covid-19. The 80-year old, named as accused in the Elgar Parishad case, was shifted to state-run JJ Hospital from Taloja central jail where he was lodged after he complained of dizziness. The hospital conducted tests including one for Covid-19 the results for which confirmed that he is positive.

Dr Ranjit Mankeshwar, the dean of JJ Hospital said, “He has shown no symptoms of Covid-19 so far. He has no breathing difficulty and is stable. We will soon shift him to a Covid hospital.” Rao is likely to be shifted to St George hospital.

Last week, Rao’s family had held a press conference after receiving a call from him from prison. His family had then said that his condition was deteriorating and he should be provided immediate medical aid. He was earlier shifted to the hospital when he fell unconscious in jail in May but was discharged within three days. The family had said that he was not provided proper medical treatment.

Last month, a special court had rejected his interim bail plea where he had cited his susceptibility to the virus due to his age and other medical conditions. The court, however, had said the superintendent of prison has been directed to take appropriate measures in such cases where medical attention is required. Before he was shifted to the hospital on Tuesday, Rao was admitted to the hospital ward of the jail and as he had been unable to do basic chores without depending on other inmates.

An appeal against the special court’s order is pending before the Bombay High Court. The plea is likely to be heard tomorrow.

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Naresh
 - 
Thursday, 16 Jul 2020

Real criminals got bail or they r free from jail becoz of corona. Varavara rao and other innocents under custody.

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News Network
March 2,2020

Mathura, Mar 2: Union Minister of state Sadhvi Niranjan Jyoti on Sunday said after the Citizenship (Amendment) Act (CAA), the Centre might bring a population control law.

Jyoti claimed that she has already spoken to Prime Minister Narendra Modi in this regard.

She said she believes that this issue is under the prime minister's consideration and he himself has discussed the importance of bringing this law.

Jyoti arrived here on Sunday to attend a tribute meeting held at Swami Vamdev Jyotirmath in Chaitanya Vihar. Unnao MP Sakshi Maharaj was also present at the event.

"There was a time when abrogation of Article 370 in Jammu and Kashmir was impossible. It was feared that if such thing happens, there will be bloodbath. No one will be hold the national flag in Kashmir. But this government can bring any law in favour of the nation," Jyoti said.

"Now, everyone believes that if Article 370 can be removed...Prime Minister Narendra Modi can bring any law which is important for the country," she added.

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expat
 - 
Monday, 2 Mar 2020

already people are childless. struggling for IVF treatment. no need of population control. it is automatically getting control byu nature.

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News Network
January 18,2020

New Delhi, Jan 18: Asha Devi, the mother of the 2012 Delhi gang-rape victim, on Saturday slammed senior lawyer Indira Jaising for her suggestion that she should forgive her daughter's rapists.

"Who is Indira Jaising to give me such a suggestion? The whole country wants the convicts to be executed. Just because of people like her, justice is not done with rape victims," Asha Devi said here.

"Cannot believe how Indira Jaising even dared to suggest this. I met her many times over the years in Supreme Court, not even once has she asked for my well being and today she is speaking for the convicts. Such people earn their livelihoods by supporting rapists, hence rape incidents do not stop," she added.

Asha Devi further accused Jaising of using "the garb of human rights" to make a living.

'People like her keep earning money under the garb of human rights. I do not need her suggestions... Just because of people who think like her incidents like rape keep happening, she is a disgrace to women," she said.

Earlier yesterday, Indira Jaising, through a tweet, had urged Asha Devi to forgive the perpetrators and had used the example of Congress interim president Sonia Gandhi, who had forgiven Nalini, one of the convicts who was given the death penalty by the courts.

"While I fully identify with the pain of Asha Devi I urge her to follow the example of Sonia Gandhi who forgave Nalini and said she did not want the death penalty for her. We are with you but against the death penalty," Jaising's tweet read.

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