Nearly 1.25 lakh Indians returned from overseas under Vande Bharat Mission: Hardeep Puri

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.

New Delhi, Jul 24: India reported the highest single-day spike of 49,310 coronavirus cases on Friday, according to the Union Ministry of Health and Family Welfare.

The total COVID-19 positive cases stand at 12,87,945 including 4,40,135 active cases, 8,17,209 cured/discharged/migrated.
With 740 deaths in the last 24 hours, the cumulative toll reached 30,601.

Maharashtra has reported 3,47,502 coronavirus cases, the highest among states and Union Territories in the country. A total of 1,92,964 cases have been reported from Tamil Nadu till now, while Delhi has recorded 1,27,364 coronavirus cases.

According to the Indian Council of Medical Research (ICMR), 3,52,801 samples were tested for coronavirus on Thursday and overall 1,54,28,170 samples have been tested so far. 

New Delhi, May 28: The Crime Branch of the Delhi Police will file 12 chargesheets against 536 Tablighi Jamaat members from three countries, officials said on Thursday.

Till now, the police has already filed chargesheets against 374 foreigners from 32 countries.

The officials said the charges against the Tablighi Jamaat members pertain to violation of visa rules, government guidelines regarding the Epidemic Disease Act and acting negligently in a way that was likely to spread infection of disease dangerous to life.

The Tablighi Jamaat, a religious organisation in Nizamuddin in South Delhi, had allegedly organised a congregation in March in violation of mass gatherings.

The Tablighi Jamaat’s Nizamuddin Markaz (centre) had become a coroavirus hotspot in the national capital.