Three Kerala companies have more gold than Sweden, Singapore, Australia!

December 14, 2014

Kerala companiesKochi, Dec 14: Three gold loan companies in Kerala have more precious metal in their vaults than the gold reserves of some of the richest nations. Muthoot Finance, Manappuram Financeand Muthoot Fincorp jointly hold nearly 200 tonnes of gold jewellery, which is higher than the gold reserves of Singapore, Sweden or Australia.

India accounts for approximately 30% of the global demand for gold, a true-and-tested source of insurance for millions of families that have little access to other forms of social security. What is true for India is even more so for Kerala, where 2 lakh people are employed in the gold industry. The metal's fungibility makes it an ideal collateral for over-the-counter loans.

Muthoot Finance holds 116 tonnes of gold as security for its loans, Manappuram Finance has 40 tonnes and Muthoot Fincorp, 39 tonnes. The trio's combined holdings are 195 tonnes. To put things in global perspective, Singapore's gold reserves are 127 tonnes, Sweden's 126 tonnes, South Africa's 125 tonnes and Mexico's 123 tonnes.

Muthoot Finance, the largest of Kerala's gold loan companies, holds more yellow metal in its vaults than the reserves of Greece (112.4 tonnes), Australia (79.9 tonnes), Kuwait (79 tonnes), Denmark (66.5 tonnes) and Finland (49.1 tonnes).

India, according to the World Gold Council, has the 11th largest gold reserves, with 558 tonnes. The US heads the pack with 8,134 tonnes, while Germany and IMF come next (3,384 and 2,814 tonnes, respectively).

"Historically, Malayalis have excelled in financial services as an ethnic group. The size of these companies reflects their innovative skills. Gold loan business also reflects Malayalis' hunger for gold and the strong dowry system which feeds gold and gold loans," said CJ George, founder and managing director of stock broking firm Geojit BNP Paribas.

It was even better a couple of years ago. Muthoot Fincorp, which has a gold loan portfolio of Rs 8,550 crore, then had 41 tonnes of gold in its vaults. "Then, two things happened ” gold prices declined and banks became aggressive in gold loans. As gold prices declined, our business also came down slightly, reflecting on our gold holdings," said Thomas John Muthoot, chairman and managing director of Muthoot Fincorp.

Muthoot Finance is the largest gold loan NBFC with a reach of over 4,265 branches across 21 states and four Union territories. Its gold loan portfolio is Rs 21,800 crore. Manappuram Finance has 3,200 branches nationwide and 20,000 employees, with a gold loan portfolio of Rs 9,000 crore.

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Media Release
February 13,2020

St. Agnes College (Autonomous), Mangaluru, which is celebrating its centenary year, celebrated 99th college day and merit programme of the academic year 2019-20 in P.U College Auditorium on February 11.

Ms. Philomina Lobo, Retired Director, Secondary Education department of public instructions, Government of India was the chief guest of the programme. The programme began by evoking the blessings of God. Sr Dr M Jeswina A.C, Principal, St Agnes College, Sr Dr M Maria Roopa A.C, the Joint Secretary, Mr. Ronald Pereira PTA Vice President, Mr Charles Pais the Controller of Examinations ,Dr Subha Rao were  present.

Ms. Seemanthini, Assistant Professor, Department of Computer Applications presented the annual college report digitally, highlighting the achievements of the institution, staff and students for the academic year.

Addressing the students, Ms Philomina Lobo advised, “You have knowledge and intelligence but you need to pray for wisdom. Use your talents in the right way.” She also mentioned that the companies today are looking forward for skilful youngsters and asked the students to “be skilful” in order to achieve success in life.

Students received Principal's role of honour, various scholarships and merit certificates for their excellence in academics. The cabinet members of the current academic year were also awarded on the occasion. The Principal gave a token of gratitude to Ms Philomena Lobo, who is also an alumna of the college. Mrs Meera, HOD, Department of History proposed the vote of thanks.

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News Network
February 9,2020

Karwar, Feb 9: It has now come to the knowledge that a Karwar youth identified as Abhishek (26) who is on board a cruise ship that was turned away at a Japan port has reached out for help. The vessel was carrying coronavirus infected tourists onboard.

On Friday, Japan had reported 41 confirmed cases in the vessel which is currently docked at Daikoku Pier Cruise Terminal in Yokohama, Tokyo. Abhishek works as a steward in Diamond Princess ship owned by Carnival Corporation & plc. The reports say that he is not infected by the virus. Around 3,700 people have been confined aboard the ship. The total number of Indian nationals is not yet confirmed.

Abhishek who hails from Canara Bank colony in Karwar in Karnataka on Saturday morning through a video call appealed to the Indian government to evacuate him from the ship and deport to India, while the company, where he works, has said the Indian Embassy in Japan is in continuous contact with the concerned authorities in Japan

Abhishek in his call to parents said “I am scared of the ship as the people are quarantined and the ship is isolated. Please contact government officials to evacuate me from the ship and deport me to India.”

Father of Abhishek, Balakrishna B talking to ToI said the Karwar district administration and the company he is working with have asked not to panic. The deputy commissioner (DC) of Karwar said Japan is performing normal procedures to contain the spread of the deadly virus which killed over 600 people across the world.

Indian embassy in Japan in its statement mailed to the parent of Abhishek said “As you are aware that the Diamond Princess cruise ship is presently under quarantine for a period of 14 days from Feb 5 due to positively tested cases of coronavirus onboard. All passengers and crew members on board have to follow the health and safety regulations put in place by the Japanese ministry of health, labour and welfare”

The embassy official, Anil K Kalra further said the office is in constant touch with the Japanese authorities who have assured that all passengers and the crew members of the ship are being taken care of and kept under health monitoring and there is no cause to worry. The official said “we are trying to reach out to all Indian nationals onboard to know about their well being and assure all possible help at this difficult juncture.

DC of Karwar, Harish Kumar K urged the parents not to panic and his office has sent a letter to state the government that will be forwarded to the ministry of external affairs. Japan is doing standard operating procedures to contain the virus and as of now, Abhishek is secure and safe.

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coastaldigest.com news network
July 1,2020

Udupi, July 1: In a concerning development, another SSLC student in Udupi district has tested positive for covid-19.

With this the number of covid-19 patients among SSLC students in the coastal district rose to three. All of them are girls.

The fresh case has been reported from Byndoor. She has already written three papers.

She had reportedly developed some of the symptoms and hence her throat swabs were sent for testing on June 30. Today she received positive report, sources said.

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