SPS Steel sees Rs 25 crore profit before tax after takeover

SPS Steels Rolling Mills Limited is looking at a profit before tax to the tune of Rs 25 crores for the fiscal 2019-2020 nine months after its takeover by the Shakambhari Group.

Last fiscal SPS steel that ran into red, already now has a profit before tax of around Rs 19.5 crore by the end of third quarter and is looking at a figure of Rs 25 crore by the end of the financial year in comparison to the losses of -5 cr in the financial year 2018-19.

“The expected turnover for the SPS will be a rise of 200 per cent from Rs 480 crores to approximately RS 900 crores for the financial year 2019-20. The company aspires to achieve the turnover of 1500 crores in the financial year 2020-21. The Shakambhari Group’s aggregated turnover is targeted at 3000 crores for the financial year 2019-20 and in the fiscal year 2020-21, the group is aiming to achieve a turnover of 4000 crores.

We have a vision of a green environment in this sector. It is with this vision that we are in the process of installing a captive power plant that will improve production efficiency, bring cost control, reduce carbon foot print and create zero waste,” said Mr Deepak Kumar Agarwal, CMD, Shakambhari Group.

He further added, “The mother company plans to invest another Rs 150 to Rs 200 crore in the coming fiscal while tidying up the meaningless expenditures. Our expansion process includes a steel melting shop that will help us reach around 3 lakh TPA from one lakh TPA.” The group has taken serious measures for modernization of the plant and is in negotiation for foreign collaborations for technology upgradation. Set of positive measures are being injected into the system for further enhancement of the quality, increase and maximize its productivity aided by cost reduction, reducing carbon print and creating a zero waste plant.

“There has been an increase in manpower generating further employment. The figures have risen by 20 per cent resulting in employment of 340850 man-days in permanent, casual and tertiary employment,” said Mr Deepak Kumar Agarwal, CMD, Sakhambhari Group.

Mr. Ankit Mittal, VP, Business Development, Sakhambhari Group said that SPS Steel is aggressively penetrating into the market. “We have added more than 200 dealers in West Bengal alone and are looking to grab around 15 per cent share of this segment by the end of the financial year. We have started to penetrate in Jharkhand, Bihar, Odhisa and North East as well as in North Indian markets. We are moving in the direction to make ELEGANT STEEL a pan India brand, while looking into opportunities of setting up manufacturing facilities in South, North and Western part of the country.”

SPS Steel annual production of last year amounting to 96000 TPA will be 1.75 lakh TPA by the end of the fiscal showing marked growth in production capacity also. By 2020-21, the production is expected to reach 3 LTPA. The Shakambhari Group will be producing its premium QST bars from their other facilities also.

Being a responsible corporate citizen, Shakambhari Group has undertaken various community welfare activities under its CSR activities like distribution to tri-cycles for physically challenged persons, installation of water filter cum purifier with water cooler for drivers, workers and local citizens, school Bag and tiffin distribution to the local school kids, blanket distribution to the need ones.


Over 2.5 million affected by it across the 12 districts of the state in Bihar

The flood situation in Bihar continued to remain grim on Tuesday with over 2.5 million people affected by it across the 12 districts of the state, officials said.

In the last 24 hours, all the major rivers were flowing above the danger level, leading to embankment breaches.

There were reports of fresh floods in three new districts of Saharsa, Katihar and Purnea.

Dozens of villages have been inundated that have forced people to flee their homes and seek shelter at safer places, a disaster management official said.

In the worst hit Sitamarhi and Araria districts, roads have also been damaged.

The floods were caused by heavy rain in north Bihar and the catchment areas of major rivers in neighbouring Nepal.

However, Water Resources Department officials said the water level in rivers originating in Nepal was likely to decrease as rain in those areas have stopped.

Chief Minister Nitish Kumar carried out an aerial survey of the affected Seemanchal and Koshi region on Sunday and Monday. He will inform the Bihar Assembly on Tuesday about the situation.

To date, 196 relief camps have been set up in the affected areas, with 644 community kitchens providing food to the displaced people.

The Disaster Management Department said relief and rescue operations were continuing in the flood-affected areas.

A total of 26 companies of the National Disaster Response Force, State Disaster Response Force and Seema Sashatra Bal have been deployed to carry out the operations.



25 candidates in fray for 2 Karnataka assembly bypolls

A total of 25 candidates, including four women, are in the fray for the two assembly by-elections in Karnataka on May 19, an official said on Thursday.

“After the last day of withdrawals today (Thursday), 17 candidates are in the fray for the Chincholi (SC) seat in Kalaburagi district and 8 for the Kundagol seat in Dharwad,” the official said.

Prominent among the candidates for Chincholi are Avinash Umesh Jadhav of the Bharatiya Janata Party, Subhash V Rathod of the Congress and Gautam Bomnalli of the Bahujan Samaj Party.

Avinash is the son of Umesh Jadhav, whose resignation from the seat necessitated the by-election.

Jadhav senior quit the Congress and joined the BJP in early March. He had contested the Gulbarga (SC) constituency against Congress leader in the outgoing Lok Sabha Mallikarjun Kharge.

Besides the three main contestants, 11 Independents, including two women, are in the race along with three others.

In the Kundagol contest, Kusumavati Channabasappa is contesting from the Congress against S.I. Chikkanagoudar of the BJP. The remaining 6, including a woman, are Independents.

The seat was held by state Minister C.S. Shivalli, whose death on March 22 necessitated the bypoll. The Congress has fielded his widow.

A three-time legislator, Chikkanagoudar lost to Shivalli by a margin of 633 votes in the May 2018 Assembly elections. He is also related to BJP’s state unit president B.S. Yeddyurappa, who will campaign for him.

Congress Legislative Party leader and former Chief Minister Siddaramaiah and state unit President Dinesh Gundu Rao will campaign for Kusumavati.

Vote count is on May 23 along with that of 28 Lok Sabha seats for which polling was held in two phase on April 18 and April 23.



Congress’ minimum guarantee to benefit 25 cr poor; Rahul

Congress President Rahul Gandhi on Monday said nearly 25 crore poor people in the country will get financial assistance of Rs 72,000 per annum if the party is voted to power.

Announcing the details of the party’s promised Minimum Income Guarantee scheme, Nyay, Gandhi said it will provide Rs 72,000 per annum to 20 per cent of the poorest families in the country.

Addressing the media here after a meeting of the Congress Working Committee, Gandhi said the scheme will be the “final assault on poverty”.

Nyay, a major promise of the Congress ahead of 2019 Lok Sabha polls, is economically feasible, he added, as he refused to take any question other than the scheme.

He said the scheme will supplement income of those earning Rs 12,000 per month.

“The minimum income line is Rs 12,000. Those who have income less than Rs 12,000 we will top up (their income),” he said.



Chidambarams’ interim protection from arrest extended till March 25

A special court here on Friday extended interim protection from arrest to former Finance Minister P. Chidambaram and his son Karti till March 25 in the Aircel-Maxis deal case.

This is a second time in a month that the court has extended the protection to the two. The court had issued a similar order on February 18, extending the protection till March 8.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are probing how Karti Chidambaram got clearance from the Foreign Investment Promotion Board (FIPB) for the Aircel-Maxis deal in 2006 when his father was the Union Finance Minister.

The ED on October 25, 2018, had filed a chargesheet naming Chidambaram and a few others. Earlier in July same year, the CBI had filed another chargesheet against 18 persons in the case.



HC to hear plea over seating block at Feroz Shah Kotla on April 25

The Delhi High Court has said that it will hear, on April 25, the plea seeking directions to Delhi and District Cricket Association (DDCA) not to use the R.P. Mehra block at the Ferozshah Kotla Stadium in the upcoming matches including the IPL till it is certified as structurally stable.

Justice Vibhu Bakhru said that he will hear the plea along with the main petition which claims that the R.P. Mehra block was unauthorised and built without any sanctioned plan.

Petitioner Dinesh Saini’s advocate Tanuj Khurana told the court that India and Australia are going to play an One Day International (ODI) on March 13 and home matches of the Delhi Daredevils will be played at the stadium in the upcoming Indian Premier League (IPL).

The advocate said that there is chances that the DDCA may use the R.P. Mehra block without obtaining any permission from the high court.

The block, also known as the old club house, is a threat to public safety and must be sealed until the main petition is decided, the petitioner said.

He also said that the block is standing without any sanctioned plan and is a fire hazard.



AgustaWestland; Saxena’s interim bail extended till Feb 25

A Delhi court on Friday extended the interim bail granted to Dubai-based businessman Rajiv Saxena till February 25 in the AgustaWestland VVIP chopper deal case.

Special Judge Arvind Kumar also reserved order on his regular bail plea.

The Enforcement Directorate (ED) has not opposed Saxena’s bail plea on medical grounds as he was cooperating in the VVIP chopper deal probe.

Saxena told the court that he was suffering from radiating back pain, numbness and heaviness in legs, along with other ailments.

The United Arab Emirates (UAE) security agencies had picked Saxena from his Dubai residence on January 30 and extradited him to India later that night, along with corporate lobbyist Deepak Talwar.

According to the ED, in connivance with lawyer Gautam Khaitan, Saxena provided a corporate structure across the globe to launder money for payment to various political leaders, bureaucrats and Indian Air Force officials to influence the contract for supplying 12 VVIP helicopters in favour of AgustaWestland.

Saxena’s name was mentioned in a chargesheet filed against his wife, Shivani, who has been out on bail after being arrested by the ED earlier.



Telangana announces Rs 25 lakh to kin of Pulwama attack victims

Telangana Chief Minister K. Chandrashekhar Rao on Friday announced Rs 25 lakh financial assistance each to kin of the 40 CRPF troopers killed in the February 14 Pulwama terror attack.

He made the announcement while moving a resolution in the state Assembly to condemn the terror attack claimed by the Pakistan-based Jaish-e-Mohammed (JeM) terror outfit.

The resolution was unanimously passed with members cutting across party lines condemning the carnage. The House also observed a two-minute silence.

As soon as the House met for the Budget session, the Chief Minister moved the resolution and termed the attack as “inhuman” and “barbaric”.

“This was an attack on the nation,” he said and conveyed his condolences to the bereaved families.”

Leader of Opposition Mallu Bhatti Vikramarka said the entire nation was united behind the families of the victims.

Majlis-e-Ittehadul Muslimeen (MIM) legislator Ahmed Balala and Bharatiya Janata Party (BJP) legislator Raja Singh also backed the resolution and condemned the attack.




Pulwama; Rs 2.5 mn, house, job for children of slain Kerala trooper

A cash compensation of Rs 2.5 million, a brand new house, a permanent government job and free education for the two children of CRPF havaldar V.V. Vasanth Kumar were announced on Tuesday after the trooper was killed in the February 14 Pulwama terror attack.

Kerala Chief Minister Pinarayi Vijayan said this to the media here after the weekly cabinet meeting.

“Of the cash compensation, Rs 1.5 million would be given to the widow, while Rs 1 million will go to Vasanth Kumar’s mother,” Vijayan said.

The Central Reserve Police Force personnel’s wife at present works in a temporary post of assistant at the state-run Veterinary College at Wayanad.

“That will be turned into a permanent job. The two children’s education will now be taken care of by the Kerala government,” said Vijayan.

“Today the widow and her kids live in a home built by Vasanath Kumar’s father and there are other claimants to that home. So it has been decided to build a new home for the widow and her kids,” added the Chief Minister.

The day the mortal remains of Vasanth Kumar was brought to his home in Wayanad last week, the state government had committed that the cabinet meeting on February 19 would take a call on the best way to compensate the huge loss to the family.

The 40-year-old Vasanth Kumar had returned to Srinagar earlier in February to take up his new assignment, after spending 10 days at home.

He had completed 18 years of service and was due to take retirement in less than two years’ time.

He is survived by his mother, his wife, and two children – an eight-year-old daughter and a four-year-old son.





Gujjars block Delhi-Mumbai rail route over quota demand

Blocking the tracks on the Delhi-Mumbai rail route in Rajasthan, the Gujjar community on Friday began its agitation for five per cent reservation in state jobs and educational institutions.

Members of the Gujjar Sangharsh Samiti (GSS) had called a “Mahapanchayat” earlier in the day.

Soon after, the GSS members went to the Malarna Dungar railway station near Sawai Madhopur and blocked the railway tracks.

Till the time of filing this report, Awadh Express and several goods trains were stranded at Sawai Madhopur.

GSS leader Kirori Singh Bainsla said: “We want five per cent reservation for our community, the way the Centre has given 10 per cent to the economically backward classes. The government did not respond to our demand, neither did anyone come to talk to us, so we were forced to take this step.”

He asked the protesters to remain disciplined and avoid damage to the railway tracks, electric poles and other property.

“The next blockade would be on the Tonk-Niwai route followed by blockades on the Ajmer-Bhilwara and Hadoti-Shekhawati rail routes,” he said.

The GSS members said that the Congress government had come to power with their support and must now fulfil their demand or face the consequences.

The Gujjar agitation has affected the smooth running of trains on West Central Railway route.

Railway officials confirmed that routes of several trains were changed due to the ongoing agitation. A total of 25 trains have either been partially cancelled or their routes were diverted. Agra Fort train has been cancelled, Mathura-Sawai Madhupur passenger train, Shatabdi Express and Ratlam Mathura Memu have been partially cancelled.

Meanwhile, the state Human Rights Commission on Friday issued a notice to the state government and the police administration directing the officials concerned to inform them the steps being taken to preserve the people’s rights by the stir proposed for February 11 at 12.30 p.m.

The Commission also made an interim recommendation to the state government to protect the human rights of rail and road commuters travelling through this route.

The order signed by Justice Prakash Tatiya, Commission’s President and Justice Mahesh Chandra Sharma also questioned why and how this protest since last 13 years has been coming on railway tracks, adding that the plight of passengers can be gauged from the fact that 25 trains have been partially cancelled or their routes changed.

The Commission, in this case, wants to know how many cases have been registered against the accused for staging protest on railway tracks, how many challans have been presented and how many cases have been withdrawn to date due to protests.