The Dwarka-Najafgarh corridor, known as the Grey Line, of the Delhi Metro’s Phase-3 is ready to open soon as trial run on this route started last month. "During the trial runs, the interaction of the metro train with physical infringements (civil structure) were checked to ensure that there is no physical blockage during the movement of the train on the track," the DMRC said.
The Delhi Metro Rail Corporation (DMRC) is now awaiting inspection by the Commissioner for Metro Rail Safety (CMRS) on the 4.2 km-long Dwarka-Najafgarh corridor. "Commissioner of Metro Rail Safety (CMRS) Janak Kumar Garg will inspect the 4.295-km Dwarka-Najafgarh section of Delhi Metro on Wednesday," PTI quoted a senior DMRC official as saying.
1) Delhi Metro grey line section consists of three stations - Dwarka (interchange with Blue Line), Nangli and Najafgarh.
2) Of the three stations in Dwarka-Najafgarh corridor, Dwarka and Nangli are elevated ones, while Najafgarh station is underground.
3) The Grey Line will be connected with the Blue Line, which connects Dwarka Sector-21 to Noida Electronic City and Ghaziabad’s Vaishali in Uttar Pradesh.
4)According to a report in Hindustan Times, official DMRC estimates show that nearly two lakh commuters are likely to benefit from the new section.
5) The Dwarka-Najafgarh corridor will be further extended by another 1.18 km till Dhansa Stand, by 2020.
The Delhi Metro's total operational network at present stands at over 343 km, with multiple corridors and 250 stations having its footprints in various cities neighbouring Delhi. An average of about 28 lakh commuters use the Delhi Metro every day.
Budget carrier AirAsia India has launched a 'Big Sale' offer in which the airline is offering flight tickets for as low as ?899 for domestic travel. Passengers flying with AirAsia to domestic destinations can now avail exciting offers during the 3-day long sale period that started today, i.e. 24th September. For AirAsia 'Big Sale' offer, tickets can be booked at airasia.com or the AirAsia mobile app from September 23-26. This offer will be valid for travel between 10 February and 15 December 2020, AirAsia noted.
Speaking about the launch of Big Sale, Sanjay Kumar, COO, AirAsia India, said, “As one of the most preferred low-cost carriers in the world, we encourage more and more people to travel the world. With the holiday and festive season just around the corner, most people who are looking to travel can now plan their holiday to perfection with AirAsia’s Big Sale. With the launch of Big Sale, AirAsia intends is to make flying accessible to everyone across the world."
AirAsia is a joint venture between Tatas and Malaysia's AirAsia Berhad. AirAsia India currently operates over 165 flights daily with a fleet of 22 Airbus A320 planes.
Mumbai: State-owned Indian Railway Catering and Tourism Corp Ltd (IRCTC), which sells tickets for Indian Railways and manages its catering services, plans to launch its initial public offering (IPO) on 30 September.
The plan to launch its initial share sale comes immediately after a sharp turnaround in the Indian stock markets, following the finance minister’s announcement last week to cut corporate taxes. Since Friday, the benchmark Sensex has gained 8% or 2,899 points. Several companies had seen IPO approvals lapse in the last few months due to volatility in stock markets on account of slowing economic growth, global trade war and rising crude prices.
The proposed IRCTC IPO is expected to see the government sell stake worth ?480 crore through an offer for sale, said a person aware of the development.
IRCTC is expected to announce the price band for the IPO on Wednesday.
The government is looking to offload up to 20 million shares in IRCTC via the IPO, Mint reported on 23 August. The stake sale will result in the government reducing its stake in the company by about 12.5%.
IRCTC’s business is divided into four segments -- internet ticketing, catering, packaged drinking water under the ‘Rail Neer’ brand, and travel and tourism. While its sales rose 25% year-on-year to ?1,899 crore, its profit grew 23.5% to ?272.5 crore in financial year 2019, according to its draft red herring prospectus filed with the regulators in August.
The company sees one of the highest traffic on its website in the Asia-Pacific region, with a transaction volume of more than 25 million per month, and 7.2 million logins per day. About 800,000 tickets are booked every day through the IRCTC website and Rail Connect.
Catering has, however, emerged as the firm’s biggest contributor to sales over the years. While more than half of its revenues at ?1,044 crore came from its catering business as of fiscal 2019, internet ticketing business contributed about 12%. The remaining ?444 crore came from its tourism and travel related services and ?176 crore from its Rail Neer packaged drinking water business.
The Reserve Bank of India or RBI has put restrictions on the amount depositors of Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) can withdraw from their accounts with the urban co-operative bank. "According to the Directions, depositors will be allowed to withdraw a sum not exceeding ?1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions," the RBI said.
The RBI however said that the issue of the directions to PMC Bank should not be construed as cancellation of banking licence by the central bank. PMC Bank can continue to undertake banking business with restrictions till further notice/instructions from RBI. The Reserve Bank may consider modifications of these directions depending upon circumstances. The restriction will remain in force for a period of six months from the close of business of the bank on September 23, said RBI.
Further, according to the RBI's restrictions on the urban cooperative bank, PMC Bank will also not be able to grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and accept fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations, without prior approval in writing from the central bank.
A copy of the new RBI directive should be forwarded to each depositor and will displayed on bank's website, said PMC Bank.
PMC Bank is a multi-state scheduled urban co-operative bank with its area of operation in the States of Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh.
Founded in 1984, PMC Bank has now grown to a network of 137 branches in six states and ranks among the top 10 cooperative banks in the country.
In a statement on Tuesday, the PMC Bank's Managing Director Joy Thomas said the bank had been put under regulatory restrictions by the RBI owing to irregularities disclosed to the apex bank.
"As the MD of the Bank, I take full responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months," Thomas told the banks' thousands of distressed customers.
He said that it was a difficult time for all, but urged the people to cooperate.
Mumbai: Gross underreporting of bad loans is one of the primary reasons behind Reserve Bank of India’s (RBI) restrictions on Punjab and Maharashtra Cooperative (PMC) Bank, said two people aware of the development, adding that RBI is currently looking into the books of the bank.
According to the first person, the bank’s management has come clean and the central bank has therefore put restrictions on withdrawals as a precautionary measure to avoid a run on the bank. While the bank’s gross bad loans, as per its FY19 annual report, was at 3.76% of its advances, the bank has now disclosed that it is much higher, the person added.
The second person said the central bank is currently doing an audit of the bank to look into the alleged irregularities. To be sure, a cooperative bank is typically audited by the state government and under this audit, transactions are looked into. That apart, RBI does an inspection of the books of cooperative banks every 12 months.
As on 31 March, the Mumbai-based cooperative bank had ?11,617.34 crore deposits and loans of ?8,383.33 crore. With a network of 137 branches, the multi-state scheduled urban co-operative bank has presence in Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh.
RBI, in a press release on Tuesday, said it has placed Punjab and Maharashtra Cooperative Bank Ltd, under directions. According to the directions, depositors will be allowed to withdraw a sum not exceeding ?1,000 for the next six months. The bank has also been barred from granting or renewing any loans and advances, make any investment, incur any liability like the acceptance of fresh deposits.
The first person quoted above said RBI will review these directions after six months, although it could be normalised earlier as well depending on what the audit reveals.
According to a text message sent by the bank to its customers, its managing director Joy Thomas took responsibility for the “irregularities disclosed to RBI".
“As the M.D. of the bank, I take the responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months. All efforts are made to remove the restrictions by rectifying the irregularities. I know it is a difficult time for all of you and any apology may not restore the pain you are undergoing," said the text message, seen by Mint.
In its FY19 annual report, the bank said that for speedy recovery of stressed assets, several recovery tools are used by the bank’s recovery team.
“To cleanse the balance sheet, the tool of selling / assignment of NPA portfolio to securitisation companies and reconstruction companies is used by many banks. Your Bank has also sold and assigned 11 non-performing asset (NPA) accounts having principal amount of ?110.75 crore. The bank has sold the said NPA portfolio to CFM Asset Reconstruction Pvt. Ltd. (CFMARC) for ?105.00 crore as on 30 March," it said.
New Delhi: Finance minister Nirmala Sitharaman on Tuesday said the government will respond to demands of the automobile sector, facing its worst sales performance in over two decades.
“We are conscious that we need to respond," Sitaraman said, adding that the finance ministry has already considered some suggestions of automakers.
Sitharaman was addressing the media on the National Democratic Alliance (NDA) government’s 100 days at office in its second consecutive term while presenting a report card.
On carmakers’ demand for a cut in Goods and Services Tax rates on automobiles, that attract the highest tax rate of 28%, the minister said the GST Council will take a call on the matter at its upcoming meeting in Goa on 20 September.
India grew at its slowest pace in over six years at 5% during April-June, amid sluggish demand, slowdown private investment, stress in the non-banking financial companies (NBFCs), downturn in the automobile, and job losses.
India’s passenger vehicle industry suffered its worst-ever monthly sales performance in August as a protracted demand slowdown showed no sign of abating. Domestic sales of passenger vehicles plunged 31.6% in August to 196,524 units from a year earlier, according to data from the Society of Indian Automobile Manufacturers (Siam). It was the 10th straight decline in domestic passenger vehicle sales and the worst since Siam began compiling monthly sales data in 1997-98.
In an effort to arrest slowdown in the economy, Sitharaman, in July, met representatives from several industries to address challenges being faced by them.
Last month, to boost demand, the government announced several steps, including mandating government agencies and departments to replace old vehicles, increasing depreciation on new vehicles for commercial fleet service providers, urging banks to make auto loans cheaper, and increase credit availability to NBFCs.
Sitharaman also assured buyers and manufacturers that vehicles compliant with Bharat Stage IV emission norms registered before 31 March 2020, will be able to run for the entire registration period of the vehicle.
In the first 100 days, the finance ministry announced the consolidation of 10 public sector lenders into four bigger and stronger banks. Currently, there are 18 PSBs compared with 27 in 2017. There will be only 12 PSBs post the merger.
Besides, the government will also infuse as much as ?55,250 crore in the current financial year in ten public sector lenders.
As a part of the government’s course correction measure and to boost investor sentiment, the finance ministry also announced the rollback of the additional surcharge it had imposed on Foreign Portfolio Investors (FPIs) and domestic investors in the Union Budget for 2019-20.
Dubai house prices plummeted to their lowest levels in over a decade last quarter, according to new data from U.A.E.-based property firm Cavendish Maxwell.
The average single-family home price sunk 24% over the past year to AED1.82 million (US$495,500), a level not seen in over 11 years despite a global recession and regional economic meltdowns over the past decade, according to data on website Property Monitor.
The average house, referred to locally as a villa, is now trading for less than it did during the darkest days of the global financial crisis and subsequent credit crunch, which hit Dubai the hardest in 2010-11. It’s also lower than at any point since oil prices crashed in 2015, according Property Monitor, which is powered by Cavendish Maxwell.
In June alone, the average home price—including both single-family houses and apartments—fell over 15% compared to a year ago, according to a report from Cavendish Maxwell on Thursday.
While the Dubai economy remains relatively robust, powered by nearly 8 million foreign expats who live and work in the city, nonstop building has created a glut of housing that's prevented home values from appreciating in more than a decade.
Sprawling master-planned communities dotted with mansions have been hit the hardest.
The annual decline in house prices was more pronounced in communities such as IMPZ, Arabian Ranches, Emirates Living, Discovery Garden and Dubai Silicon Oasis, where house prices declined by more than 16% on average,” said the firm in its report.
In the exclusive man-made island known as Palm Jumeirah, prices have slipped 14% over the past year. Even thriving Dubai Marina, which overlooks a port of luxury yachts, has seen average home prices slip 13.5% since June 2018, according to the report.
Hong Kong (CNN Business)Asian markets regained some lost ground on Tuesday, but investors are still wary about the US-China trade war.
Hong Kong's Hang Seng Index (HSI) was slightly up earlier, but down about 0.2% around 2 p.m. Hong Kong time. It tumbled 1.9% on Monday.
China's Shanghai Composite Index (SHCOMP) rallied 1.3%.
Chinese government statistics showed Tuesday that profits at China's industrial companies increased 2.6% in July, reversing a 3.1% drop in June.
But the Chinese economy still faces "relatively big downward pressure," said Zhu Hong, senior statistician from the National Bureau of Statistics, in a statement.
The turnaround in growth was mostly because of infrastructure spending, including railway projects, wrote Iris Pang, an economist for ING Group, in a Tuesday report.
She said there are still some risks that manufacturers face — private businesses that are contracted to help with such projects risk default if the time it takes for them to get payment from their work takes too long. Pang wrote that the Chinese central bank could help with that issue with supportive economic policies, like offering targeted liquidity to those types of firms to help keep them stable.
Japan'sNikkei (N225) rose 1.1%. South Korea's Kospi (KOSPI) also gained 0.3%.
Markets in the region dropped Monday in the wake of tariff hikes announced by the United States and China. But the trade war took a positive turn after signs that the two sides could come back to the bargaining table. European and US stocks bounced higher.
While the mood now isn't as "dire" as it was after the weekend's escalations, "there remains doubts with regards to how concrete the latest turn is," wrote Jingyi Pan, a market strategist for IG Group, in a research note Tuesday.
US President Donald Trump told reporters in France on Monday that "China called last night" to relay a desire to return to negotiations. Asked later about Trump's remarks, Chinese Foreign Ministry spokesman Geng Shuang said he hadn't "heard about the weekend phone calls that the US mentioned."
He added that China hopes that the United States will "not let emotions sway their feelings" in relation to trade talks.
Pan noted the "lack of confirmation from China" in her research note, adding that "few may be expecting a straight road towards a deal of late regardless of the type of conciliatory remarks."
China's central bank also set its daily reference rate for the yuan at 7.081 for one US dollar — yet another 11-year low. But the currency traded more strongly than it did Monday in both onshore and offshore trading.
Analysts at Bank of America Merrill Lynch forecast that the exchange rate will reach 7.50 yuan to one US dollar by the last quarter of the year. They expect that the currency will gradually weaken, but it could drop more sharply "when tariff increases are confirmed or escalated."
Other analysts have said that China shows no signs of engaging in a full-blown currency war, but have added that the escalating trade war likely has given Beijing less incentive to prop up its currency in the face of mounting pressure on the economy.