Top-level exits: AU Small Finance Bank says “nothing to hide” on transparency, disclosure issues

2022年1月4日 0 Comments

Jaipur-based AU Small Finance Bank (AU Bank) on Wednesday tried to allay concerns of investors and depositors with regard to top-level resignations in recent months, saying that it is a simple HR issue that the company management is trying to resolve. Concerns were raised over transparency issues as there has been a lag on part of the bank to make disclosure about the top-level resignations. In an early morning investor call, MD CEO Sanjay Agarwal said the bank has nothing to hide and there is nothing on the governance issue, and rather it was a simple HR issue that the management of the company is trying to resolve. On Tuesday, the bank had said that its Chief Audit Officer Sumit Dhir has expressed his desire to move back to his hometown Delhi, due to changes in his personal circumstances following the COVID second wave. Shares of the company witnessed a sharp decline of 12.64 per cent on Tuesday even as the broader market ended with significant gains. Shares of AU Bank were trading at Rs 1,156.65 apiece on BSE, up 2.29 per cent from previous close on Wednesday. However, the bank said Dhir continues to be on its rolls and is in discussion with him for a possible retention. Dhir was appointed as the Chief Audit Officer (Internal Auditor) of the bank for a period of three years from May 14, 2021 in place of Nitin Gupta. Gupta had resigned on March 3, 2021 from the post of Chief Audit Officer, the disclosure about which was made on April 30, 2021. Banks Chief Risk Officer Alok Gupta has also resigned from the bank. Earlier on August 28, the board of the bank approved the appointment of its Chief Operating Officer Deepak Jain as the Chief Risk Officer for three years, following the resignation of Alok Gupta. Alok resigned due to personal reasons, the bank said. In case of Alok, we started talking in the second week of July and for close to one month, we were in discussion with him about his retention and whatever we could do for him, and he (Alok) was also involved (in this). And then we decided that he cant stay on because of all sorts of reasons. I strongly believe that AU has a lot of talent, Agarwal said in the investor call this morning. He added that Aloks exit from the bank is in October, without putting a specific date to it. About Sumit, the MD CEO of the bank said that AU Bank has not yet accepted his resignation. On the disclosure part, Agarwal said: In my sense, we have done absolute compliance to regulatory disclosure. He said the foremost attempt of the bank is to retain talent and it would not be right to make the disclosures amidst such talks. We categorically want to confirm that there is not a single other resignation in the top-50 senior management team or the board of directors. The senior management team (top-50 has an average vintage of nearly 6.5 years with AU, the bank said. Meanwhile, domestic brokerage firm Emkay Global Financial Services in a note on AU Small Finance Bank said the bank needs to arrest top-level churn and bring more transparency. In our view, steadily rising asset quality concerns amid the COVID induced disruption, the series of resignations in the audit\/risk functions and delayed disclosure of these resignations have irked investors. We believe the resignations in audit\/risk functions may raise concerns about the sanctity of the books\/risk management practices, Emkay said. However, the management has tried to allay such concerns and indicated there were no red flags by the Reserve Bank of India (RBI) in its recently completed audit, it said further. A prospective investor during the call raked up the RBI audit issue and said that there was no disclosure on part of the bank about it. Agarwal said: As per the RBI regulation, we disclose anything within 24 hours if there is anything. We have already completed three years of our audit from the RBI and if we havent published anything, you are rest assured that there was nothing really alarming or material to be disclosed, for that is governed by the regulation. Banks gross non-performing assets (NPAs) or the bad loans were 4.3 per cent of the gross advances as on June 30, 2021. The net NPAs were at 2.3 per cent. The lender had posted a net profit of Rs 203 crore in the first quarter ended June of the current fiscal year 2021-22, up 15 per cent from a year ago. AU Small Finance Bank begun its operations from mid-April 2017, after converting itself from a Non-Banking Financial Company (NBFC) to a small finance bank (SFB).

Majority of corporate employees want to work from home at least once a week: Survey

2021年11月30日 0 Comments

Nearly 80 per cent of corporate employees want to work from home at least once a week post-COVID, according to a survey by property consultant JLL India. In its survey Workers Preference Barometer for India, JLL India found that employees would prefer to work two days in the office and three days remotely. The sample size of the survey was 300 employees, working with various corporate houses. 79 per cent of the workforce wants to work remotely from home at least once in a week, and this number goes up to 89 per cent when a third-party place of work is added, JLL said in a statement. The consultant said that an ideal working week, post-Covid, seems to be one where employees spend three days working remotely and two days in the office. The survey highlighted that employees want more balance in their working patterns, with a hybrid work model and flexibility being key. The offices of the future will have to be more human-centric, putting health and well-being at the forefront, said Radha Dhir, CEO and Country Head, India, JLL. Almost 60 per cent of those surveyed believe that a workplace that promotes a healthy lifestyle and safety is a key priority, she added. There is a greater understanding and need for work-life balance amongst employees now. We are also seeing the need for human connection gaining prominence amongst employees as they crave social connections and emotional engagements in the workplace, Dhir said. The companies would have to be mindful of the requirement for more flexible work patterns, she advised. Even as the office retains its place in a working set-up being reshaped in a post-COVID world, aspirations are increasing from the modern workplace, while homeworking is still preferred, JLL said. Among other findings, 91 per cent of the respondents favoured flexible working hours. Stating that the priorities of the workforce have undergone a shift, the consultant said corporate employees want an empathetic employer and work-life balance, more than a comfortable salary. The pandemic has prioritised working in an environment that puts health and well-being at the forefront. According to the survey, 21 per cent of the workforce does not want to work from home in the future, as opposed to 16 per cent in October last year. However, flexibility is becoming more attractive. The hybrid work environment retains its appeal, but more people want to return to the office at least once a week. Almost 75 per cent of the surveyed employees want to work from the office at least once a week compared to 52 per cent in October 2020, JLL said. Significantly, still 79 per cent employees today want to work from home at least once a week compared to 84 per cent in October 2020, indicating that home working as part of flexible work patterns is a key desire, the report said.

SBI raises Rs 4,000 crore via AT1 bonds

2021年11月16日 0 Comments

State Bank of India on Wednesday said it has raised Rs 4,000 crore through Basel compliant additional tier 1 (AT1) bonds, offering a coupon rate of 7.72 per cent. The issue garnered overwhelming response from investors with bids in excess of Rs 10,000 crore received against a base issue size of Rs 1,000 crore, the bank said in a release. Based on the response, the bank has decided to accept Rs 4,000 crore at a coupon of 7.72 per cent, the release said. This is the lowest pricing ever offered on such debt, issued by any Indian bank since the implementation of Basel III capital rules in 2013, it said. While the bank has AAA credit rating from local credit agencies, the AT1 offering is rated AA+, which is the highest rating in the country for these instruments in view of the hybrid and high-risk nature of these instruments, the release said. It is the first AT1 bond issuance in the domestic market post the new Sebi regulations announced in March this year, it said. The AT 1 instrument is perpetual in nature. It, however, can be called back by the issuer after five years or any anniversary date thereafter.

WhiteHat Jr partners Nasscom FutureSkills Prime for AI course

2021年11月2日 0 Comments

Edtech platform WhiteHat Jr on Thursday said it has partnered with FutureSkills Prime, a digital skilling initiative by Nasscom and the Electronics and IT Ministry, for offering a course on artificial intelligence. This is the first time that WhiteHat Jr – which delivers coding classes to children aged 6 to 18 years – will reach out to undergraduates and executives. The instructor-led one-on-one Foundation course on Artificial Intelligence (AI) is aligned to Competency Standards developed by Nasscom Sector Skills Council (SSC) in collaboration with industry and approved by the government of India, a statement said. The course, developed by the WhiteHat Jr curriculum team, will be delivered live online by highly-trained teachers to undergraduates as well as executives, it added. We are leveraging our expertise to upskill the youth of India, working closely with the industry. AI is a key skill, one that can potentially disrupt the global workforce in the future, WhiteHat Jr CEO Trupti Mukker said. The curriculum developed by WhiteHat Jrs team, and offered 1:1 by highly-trained teachers, will help build a strong foundation in AI to help upskill the nation, she added. Working closely with FutureSkills Prime, we will be offering the Course pro bono to support and motivate 500 meritorious aspirants who wish to pursue a career in the field of technology, Mukker said. A fee will be applicable from batch two onwards for all applicants, tentatively scheduled to be launched in November and the fee structure for the paid course will be revealed closer to the launch date. Kirti Seth, CEO IT-ITES Sector Skill Council Nasscom, said AI is going to transform peoples lives forever. Technology is becoming sector agnostic and impacting every job role, and clearly Digital is the way forward. From academia to healthcare, our traditional roles are being transformed with technology, and we need to prepare our workforce, regardless of the industry they belong to, to develop AI skills to ensure that they sustain in a digital-first world, she added. This joint initiative with WhiteHat Jr aims to equip the workforce of today with AI-ready skills, she said. The AI Foundation program will be a mix of concepts and practicals. The curriculum starts with the basics of Python, Object-Oriented Programming and data structures. It also covers advanced topics such as data visualisation, statistical tools and AI\/ Machine Learning (ML) algorithms. WhiteHat Jr will offer the course from October 2021. WhiteHatJr Chief Business Officer (B2B) Nitin Kochhar said the registration for the course is open for all and any undergraduate\/executive who wants to learn more about AI can participate in the programme. However, candidates will need to possess a basic understanding of mathematical concepts and logical reasoning; hence applicants will be required to answer a questionnaire to check their eligibility for pursuing the course. Based on the submissions, the top 500 candidates will be selected and will be informed directly, he said. FutureSkills Prime will maintain the records of the selected candidates. Following successful completion of the course, candidates will have the opportunity to take the certification exam. Aspirants of 18 years of age and above will receive a joint certification by FutureSkills Prime and WhiteHat Jr, he said.

GDP grows 20% in Q1, but still below FY20 levels

2021年10月5日 0 Comments

India1% in the June quarter from a year before, giving the illusion of a sharp economic recovery, but it was largely driven by a deeply-contracted (-24.4%) base. In absolute term, real GDP still trailed the pre-pandemic (June quarter in FY20) level by 9.2%, as the resurgence of Covid-19 infections hobbled the economy Manufacturing, construction, electricity and mining grew fast enough in the June quarter to offset the steep declines in the year-ago quarter, while key services sectors could not even completely reverse the decline. Private consumption, the biggest constituent of the economy remained 12% below the pre-pandemic level. Fixed investment, on which the government would make bets on, rose by a sharp 55.3% in Q1FY22 to raise its share in GDP by over 7 percentage points to 31.6%. The absolute size of fixed investment was, however, still below the FY20 level. Front-loading of capital expenditure by the Centre, states and CPSEs contributed to the jump in fixed investment, rather than the private investments that have been in the doldrums for quite long. Data gathered by FE of 15 major states showed that their combined capex in April-June was up 135% on year; the Centres budgetary capital expenditure also grew by 26.3% on year in the quarter. Private consumption grew just 19.3% in June quarter on a very low base (-26.2%), reflecting the damage caused by income losses in the wake of the second wave and the shattered consumer sentiments. Once the conducive base effect wanes substantially in the current quarter, the resilience of the two principal pillars of the economy Government consumption, the usual saviour in times of crisis, was sluggish during the quarter 8% on a strong base (12.7%) – as the Centre and many states reined in revenue spending. Commenting on the GDP data, chief economic adviser Krishnamurthy V Subramanian said it Going forward, the country is poised for stronger growth, thanks to a raft of factors already initiated. These include structural reforms enabling efficiency and productivity, capex push, financial sector clean-up and vaccination drive, Given the surge in indirect tax mop-up and limited subsidy payout, growth in real GDP remained substantially higher than the 18.8% expansion in gross value added (GVA) in the first quarter. Indirect tax collection jumped 85% on year in the June quarter against the annual target of a mere 3% rise. Supply-chain woes and domestic demand compression in the wake of income losses reverberated through the economy, though economic rebound in advanced economies boosted India The share of exports in GDP, in real term, rose to 23.7% in Q1FY22 from 20.5% a year before. However, with the rise in imports, the damaging impact of net exports was higher in the first quarter than a year earlier. With the ebbing of the second Covid wave, manufacturing activities have gathered pace in the current quarter but the dominant services sector is still in the contraction zone. While the resilience of the agriculture sector is expected to aid rural demand, urban consumption requires sustained growth in manufacturing and at least non-contact intensive services. Also, the release of pent-up demand in the aftermath of the second wave has to acquire a durable character with an accelerated pace of vaccination. Both the IMF and RBI have projected India5% in FY22 (even with this rate of growth, the countrys real GDP at the end of 2021 would exceed the level in 2019 by just 1.5%). While some of the high frequency indicators since July also signal a recovery, another positive is robust tax revenues could ease the fiscal situation, allowing the government to make meaningful interventions as the economy struggles to gather pace. Nominal GDP grew 31.7% in the first quarter from a year before to `51.23 lakh crore and, unlike real GDP, remained 2.4% higher than in the same period in FY20. The farm and allied sector remained largely insulated from the Covid shocks and grew as much as 4.5% in Q1FY22, against 3.5% a year before. Despite patchy rainfall in August, good distribution in key areasa has buoyed the kharif crop prospects. Aditi Nayar, chief economist at Icra, said while the base effect has concealed the impact of the second Covid wave, 9% over Q4FY21 and a shortfall of 9.2% relative to the pre-Covid level of Q1FY20 Upasna Bhardwaj, senior economist at Kotak Mahindra Bank, said: As vaccination pace picks up we expect the momentum to pickup further, although we remain wary on the evolution of delta variant cases.\u201d

UPPCL receives Rs 4,900-crore loan from power sector lenders PFC-REC, clears generating companies’ overdues

2021年9月21日 0 Comments

In a temporary relief, cash-starved Uttar Pradesh Power Corporation (UPPCL) received a loan of Rs 4,900 crore late on Thursday night from the two state-run power sector lenders Power Finance Corporation and REC. The amount was immediately used to partially clear the dues of generating companies (gencos), whose dues were running over 45 days. Among those whose dues were cleared were state generating giant NTPC, PGCIL, independent private power producers as well as cogenerating units run by sugar mills. While Rs 1,100 crore were given to NTPC, Rs 1,045 crore were given to Bajaj group generating company Lalitpur Power Generation company. Rs 350 crore were given to PGCIL, while NHPC was given Rs 100 crore. Apart from this, Rs 300 crore were used to pay off the entire dues of the sugar cogen units. Following the payment, State-run power generating company NTPC, which had snapped 275 MW power from Uttar Pradesh from August 20 for not clearing dues that had been outstanding for more than 45 days, withdrew its notice regulating power supply to Uttar Pradesh. In a communication to the chairman of UPPCL Speaking to FE, M Devraj confirmed the payments made to the gencos and stated that while this is a temporary relief, the real challenge is to increase the revenue collection. The real issue is to increase revenue collection. We are trying to follow it up by introducing energy auditing, through which we will have feeder metering. Online monitoring of energy consumption will ensure accountability. Right from billing to collection to supply, everything will be monitored online, The Uttar Pradesh Power Corporation had been looking forward to the disbursement of Rs 4,900 crore from PFC-REC to clear the outstanding dues of more than 45 days of central generating stations (CGS), independent power producers (IPPs) and renewable energy (RE) generators. As on July 31, 2021, UPPCL Dues payable to RE generators are Rs 388 crore, while those of state generating stations are Rs 15,128 crore.

Key pointers for formulating a successful financial plan

2021年8月24日 0 Comments

Unforeseen expenses can sometimes spring unpleasant surprises. But regular investments and savings could go a long way in providing financial stability. Therefore, it Whether one has just started working or is a mid-career, a sound financial plan is necessary for everyone. First, it Managing funds according to available resources and personal needs are vital. A financial plan is crucial since it helps to: Maintain an optimum balance between income and expenses Manage cash flows and curb any needless expenditure Avert any potential tax liability Choose the best investment and earn the highest possible return Facilitate better wealth management Secure your retired life financially Solidify insurance planning to ensure the needs of dependents are adequately met The modus operandi Before formulating a financial plan, understand your financial situation thoroughly. For this, scrutinize monthly and annual cash inflows and outflows. Ignore one-time emergency expenses and suchlike as these don Focus on regular and essential items such as income, rent, groceries, insurance payments and travel, among others. This will give a good idea of the net disposable income that can be used for investments. Next, evaluate all assets, including any owned land or property as well as gold and existing investments like mutual funds and fixed deposits. To arrive at a more realistic assessment, subtract the value of gold and your residence. With the above done, you are ready to formulate a financial plan. Now take a look at your goals, which must be shortlisted and prioritized. Consider the funds needed to meet their financial component. For instance, you may wish to own a home sometime later. But note that by the time you are in a position to do so, the price may be significantly higher. Thereafter, consider whether you are well covered. Adequate medical insurance coverage is essential for your family and you. In the case of dependents, ensure everyone has the requisite term life insurance coverage. When investing, only do so as per your needs as a one-size-fits-all approach won Match your investments with goals. Risks should be balanced against the reward, rate of return, liquidity and other relevant factors. Monitor and review Once you reach this far, relax since your financial plan is now in place. Of course, the story doesn Meanwhile, always work towards optimal tax savings under the IT laws. Try to invest in assets that offer lower tax rates. However, taxation should never be the primary criteria for selecting an investment. There may be a catch, including higher risks and lower liquidity. Accordingly, read the fine print to maintain a fine balance between risk and reward. Also, track all your assets and consolidate where required. Any savings\/Demat accounts, credit\/debit cards, lockers, etc. no longer used should be closed because specific norms such as minimum balance, auto-renewal and annual fees could lead to unnecessary expenses. Additionally, monitor existing loans and clear them at the earliest. Otherwise, high-interest outgo on loans will negate the returns on your investments. Finally, take stock periodically. Timely reviews of investments will help ascertain if the performance of the financial instruments remains in sync with your long-term objectives. If not, decide whether it is wise to hold on or sell and reinvest in another financial instrument or asset. by, Gaurav Jalan, CEO and Founder \u2013 mPokket

Bank of Maharashtra expects total business to cross Rs 3 lakh cr soon

2021年8月24日 0 Comments

State-owned Bank of Maharashtra (BoM) is well poised to cross Rs 3 lakh crore in total business soon on the back of the improved economic sentiment, a top official has said. The bank has been a performer in various key parameters, including deposit mobilisation, credit growth, recovery, risk management etc, BoM managing director and CEO A S Rajeev told PTI. Despite challenging times, he said, the bank has consistently expanded its balance sheet and reduced non-performing assets (NPAs). Going forward, he said, the bank is well poised to cross the business mix of Rs 3 lakh crore soon as economic activity gathered pace with moderation in COVID-19 cases. The total business (deposits and advances) of BoM increased by 14.17 per cent to Rs 2.85 lakh crore at the end of June 2021. To further mobilise low-cost deposits, Rajeev said the bank has opened a dedicated branch to manage government business. This specialised branch, inaugurated by Minister of State for Finance Bhagwat K Karad on Thursday, will provide better service to the government departments and Central Public Sector Enterprises (CPSEs). Along with MD and CEO, other senior officials of the bank – including general manager Chitra Datar and Deputy General Manager Nayana Sahasrabuddhe – were also present at the inauguration of the new branch. He said expansion in the government business would provide access to low-cost deposits and a reduction in the cost of funds, leading to a lower rate for the borrowers. Rajeev also said that the bank has launched special offers for the retail segment, including housing and auto. The bank has already started a loan outreach programme, and all the field functionaries have been sensitised, he said, adding this should give a good dividend.

Taliban in control: Fight for Afghanistan may not be over

2021年8月17日 0 Comments

By MAJ GEN N K BHATIA The Taliban have finally reached Kabul. Overtly, they appear in complete control of the city and country although pockets of resistance remain in some parts with the banner of revolt being raised in the Panjshir Valley, just 70 kms north of Kabul. The contours of a new dispensation, as yet, are unclear. Although its armed Taliban fighters appear to be manning the check posts in Kabul, pockets of resistance against the new regime and its policies continue to fester, although not overtly. Beyond that the country has been thrown into a turmoil with no clear roadmap. Chaos is omnipresent and all players, political and military, have got down to counting their chips, for bargaining power and stakes, for their future survival and relevance in days ahead. Taking a cue from Afghanistan It thereafter started implementing a severe interpretation of Islamic laws that unfolded the horrors of a primitive mind set and implementation of instant justice without any checks and balances. Banning of all women from all spheres of Afghan polity, public floggings and executions and cutting off of hands for petty crimes revealed horrors of their governance. Then having been left out of a role in governance of Afghanistan, non Pustuns rallied under a United Front led by Ahmad Shah Masud, with most of the groups under the United Front maintaining an independent identity. Various factions and the key leaders who formed the United Front came from diverse grouping composed of religiously persecuted Afghan minorities from Shia sects and ethnic minorities belonging to Tajik, Uzbek and Hazara communities. Some of the prominent leaders under the Front were BurhanuddinRabbani, Muhammad Mohaqiq, Karim Khalili, Abdul Rashid Dostum, Haji Abdul Qadeer, Bismillah Khan Mohammadi, Atta Muhammad Nur, Mohammed Daud, Mohammed Fahim, Muhammad Mohaqiq, Ismail Khan and many more. A good number of leaders to join the Front also came from Pustun outfits whose leaders were not in sync with Taliban ideology, ex-President Karzai, whose father was murdered by Taliban and Abdullah Abdullah being prominent amongst them. Although coming from diverse groupings and ideologies the common factor between all the anti-Taliban groups was to oppose the Taliban and its brand of government being thrust down the throat of Afghans through fear and intimidation.They also considered Taliban as an alien outfit since it was funded by and promoting the interests of Pakistan and was alien to Afghan social order as others whom they had overthrown in a joint effort\/ Having defeated the Taliban in 2001 with active help and support from the USA, Iran, Tajikistan, Uzbekistan and India, most of the leaders of the Northern Alliance meshed themselves into various roles of governance and Afghan nation building. A good number of leaders of erstwhile Alliance such as Abdul Rashid Dostum, flexed their muscles to extract their pound of flesh by bagging lucrative posts in Afghan government for their own benefit and filling their coffers by lucrative contracts. Similarly a few others occupied governor They clashed with one another for dominance and control. It became difficult for both ex-Presidents, Karzai and Ashraf Ghani to control activities of war lords due to intra group clashes, kidnappings, murders and other nuisance forcing them both to dissociate themselves from such factional leaders.A good number of cadres of erstwhile militias were disarmed and amalgamated into Afghan National Army. As a result most militias were forced to disband and influence of war lords dissipated over the years. Notwithstanding, a few like Dostum, Atta Nur and Ismail Khan did maintain their militia cadres. In a move that surprised everyone, Taliban moved swiftly into most areas of Northern and Western Afghanistan including Herat and Mazar-e-Sharif where erstwhile warlords were the first targets of Taliban. They were either captured (like Ismail Khan) and put under house arrest or managed to escape to neighbouring countries (Abdul Rashid Dostum). Others were quick to shift their loyalties and align with Taliban for their survival. With Afghanistan thrown back to a situation similar to 1996, resistance to the Taliban regime by a section opposed to their ideology is natural and expected. In the short term it is bound to be muted due to the fear and reprisal of Taliban but eventually it is bound to escalate against harsh medieval religious practices that would be the hallmark of the new regime. The first salvo of protest against the new regime has been fired by none other than Amrullah Saleh who was the first Vice President in the ousted Ashraf Ghani government. For those unfamiliar with his background, Amrullah Saleh, then in his early twenties, cut his teeth under tutelage of Ahmed Shah Masud as a young resistance leader in the United Front that challenged Taliban. He is not only anti Taliban but has never shied away from calling out Pakistan and ISI as the root cause of troubles in Afghanistan. As erstwhile head of National Department of Security (NDS) he challenged Taliban in their stronghold and took them head on successfully in multiple operations. He is familiar with their modus operandi and strategy and most qualified to lead the battle with Taliban. His escape to Panjshir Valley, a symbol of resistance to Taliban during 1990s, to announce setting up of a Resistance Front against Taliban in close association with Ahmed Masud, the son of legendary Ahmed Shah Masud and former defence minister Bismillah Mohammadi is just the first step in opening a front against Taliban. As things stand today, the Resistance Front may appear shaky and devoid of much military strength. But it is a matter of days before all the erstwhile soldiers of Afghan National Army who escaped and melted away in the hinterland fearing Taliban reprisal, and all others persecuted by Taliban fall back under leadership of Resistance Front to fight Taliban. As on date the Resistance Front may lack a major protagonist like the USA, that had supported the United Front during the first Taliban regime with military and economic assistance, but it would be a matter of time when new contours of alignment of interests begin to emerge for the Resistance Front to shape as a formidable force. Similarly the erstwhile warlords may appear to have switched their alliance to Taliban, but in the long run their survival would depend on rearming themselves and breaking free of Taliban. Switching loyalties in Afghanistan is not uncommon and depends on the premium placed for winning over such loyalties. And most importantly, Tajiks, Uzbeks, Hazaras and Aimeks form a little less than half the population of Afghanistan. Tajiks and Uzbeks dominate Kabul and areas to its North, including Panjshir valley.Tajiks are an educated lot and economically dominant. It is from this community that the Resistance Force would seek to draw its strength for immediate survival. Being opposed to the Taliban that would be natural. The days ahead do not bode well for Afghanistan with the situation simmering. With a Resistance movement underway in the Panjshir Valley it is a matter of time when it spreads to other regions of the country. (The author is an Indian Army Veteran. Views expressed are personal and do not reflect the official position or policy of Financial Express Online.)

Indian Oil to invest Rs 1 lakh crore in next 4-5 years to boost refining capacity

2021年7月27日 0 Comments

Indian Oil (IOC) on Friday said it will invest nearly Rs 1 lakh crore to raise its refining capacity by almost a third in the next 4-5 years. With the aim to strengthen its long-term future, IOC is also focusing on optimally integrating its current refining processes to yield more chemical products per barrel of oil, chairman SM Vaidya said on Friday. The company The project, with a capacity of 387 thousand metric tonne per annum, will be located in the company The INDMAX unit is being built under the refinery Exploring alternative energy options, IOC is working on solutions around compressed natural gas (CNG), liquefied natural gas, hydrogen-CNG, biofuels, hydrogen and e-mobility, Vaidya said, addressing the company The company recently said it will build the nations first Solar and wind plants can produce green hydrogen with the help of electrolysers, and the company intends to wheel electricity from its wind power project in Rajasthan to generate hydrogen in Mathura refinery. To leverage the abundant aluminium reserves in the country for the electric mobility sector, Indian Oil and Israeli company Phinergy have formed a JV to commercialise aluminium-air battery technology for Indian original equipment manufacturers. The company has already announced its intention of expanding the business scope of its existing joint venture with Malaysias state-run oil and gas firm Petronas to include LNG terminals, CNG stations, CGD projects, CBG business and retailing of transportation fuels.