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Auctioned Assets of Nirav Modi, Including Rolls Royce & MF Hussain Paintings Fetch ED Rs 51 Crore

News Network
March 6, 2020

Mumbai, Mar 6: A Rolls Royce car, paintings of famous artists M F Hussain and Amrita Sher-Gil, designer handbags and other luxury items belonging to fugitive diamond jeweller Nirav Modi garnered over Rs 51 crore in the second auction conducted on Thursday.

As many as 40 items went under the hammer on Thursday, which marks the completion of auction of assets seized by the Enforcement Directorate.

The auction was conducted by Saffronart on behalf of the deputy director, Enforcement Directorate, and was expected to garner a minimum of Rs 40 crore in proceeds.

A collection of 112 prized assets of Modi were put up for live and online auctions from March 3 to 5, which included major artworks by contemporary and modern Indian artists, designer handbags, luxury watches and cars.

While the online auction on March 3-4 garnered Rs 2.04 crore against the expected proceeds of Rs 52 lakh, the live auction on Thursday garnered Rs 51.41 crore more.

These assets, seized by the ED, were put on auction in an attempt to recover a part of the dues Modi owes to various banks.

According to officials from Saffronart, the ED would get Rs 53.45 crore from the proceeds of these two auctions.

The lots that went under the hammer included legendary painter MF Hussain's painting of 'Battle of Ganga and Jamuna- Mahabharata 12' which went for a record 12 crore, the highest price received so far for the painter's work.

Amrita Sher-Gil's rare 1935 painting 'Boys with Lemons', which was auctioned for the first time, sold for Rs 15.7 crore ($2.24 million).

V S Gaitonde's tranquil 1972 painting was sold for Rs 9.52 crore while Manjit Bawa's Untitled 1992 sold for Rs 6.16 crore. Modi's Rolls Royce Ghost witnessed a high demand, selling for twice its estimate at Rs 1.68 crore ($240,000).

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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
June 10,2020

New Delhi, Jun 10: Petrol price on Wednesday was hiked by 40 paise per litre and diesel by 45 paise, the fourth straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision. Petrol price in Delhi was hiked to Rs 73.40 per litre from Rs 73, while diesel rates were increased to Rs 71.62 a litre from Rs 71.17, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

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

In four hikes, petrol price has gone up by Rs 2.14 per litre and diesel by Rs 2.23.

Latest petrol, diesel prices in top cities:

New Delhi: Petrol ₹73.40. Diesel ₹71.62

Gurgaon: Petrol ₹72.86. Diesel ₹64.90

Mumbai: Petrol ₹80.40. Diesel ₹70.35

Chennai: Petrol ₹77.43. Diesel ₹70.13

Hyderabad: Petrol ₹76.20. Diesel ₹70b

Bengaluru: Petrol ₹75.77. Diesel ₹68.09

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coastaldigest.com news network
August 8,2020

Kozhikode, Aug 8: A tailwind or crosswind could be the reason for the Air India Express flight mishap at Kozhikode international airport in Kerala, according to some aviation experts. 

Team of DGCA and AIE already reached the spot. With the death of the captain and co-pilot in the mishap, the investigation would be focusing mainly on the voice recorders and other technical aspects.

It is learnt that the ill-fated aircraft, IX 1344 with 190 onboard including crew, was initially planning to land on runway-28 of the airport. But later the pilot opted runway-10 which is toward the other direction. Pilots would be taking the decisions on the basis of inputs from ATC.

The questions now doing the rounds are what made the pilot opt runway-10 and whether the tabletop runway lacked adequate safety parameters.

An aviation expert, who didn't want to be quoted, said that Capt Deepak Sathe, who was commandeering the aircraft, was a well-experienced pilot and was also familiar with the terrains. Hence the chances of any error from his part was very unlikely. Hence a fair in-depth probe was required to find the exact cause.

Though the Kozhikode airport has an Instrument Landing System, it was of category-I for which pilot's visibility is very crucial toward a touchdown. Since it is a tabletop airport and rough weather prevailing in the region, the chances of tailwind was also high, said sources.

There had been safety concerns about the airport over quite some time. In 2011 aviation safety consultant captain Mohan Ranganathan reportedly gave a report citing the safety issues, especially the buffer zones at the end of the runway.

However, an AAI officer said that rectification steps were already done by last year by widening the Runway End Safety Area (RESA) from 90 metre to 240 metre. However, the length of the runway had to be reduced to 2,700 metre from 2,850. The AAI was also constantly pressing for increasing the runway length to 3,150 metres. But that was getting delayed due to land acquisition issues pending with the state government.

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