Citizens' Issues
NIA to soon file charge sheet against two Italian marines

The NIA had completed its probe after questioning four Italian marines, who were witness to the killing of two Indian fishermen off Kerala coast

The National Investigation Agency (NIA)will file a charge sheet against two Italian marines accused of killing two Kerala fishermen, after getting sanction to prosecute them under a law which provides only the death penalty.


However, the charge sheet is unlikely to be filed before 3rd February by when the Centre has told the Supreme Court that it will resolve all disputes with the Italian government arising out of invoking the Suppression of Unlawful Acts Against Safety of Maritime Navigation and Fixed Platforms on Continental Shelf Act (SUA) against the two marines.


The Home Ministry had given sanction to the NIA to prosecute the marines under the SUA last week.


Accused Massimiliano Latorre and Salvatore Girone, who were on board Italian vessel ‘Enrica Lexie’ and now lodged in the Italian Embassy premises, allegedly shot dead the two fishermen off the Kerala coast on 15 February 2012.


The NIA completed its probe after questioning four Italian marines, who were witness to the incident, through video conferencing after their refusal to come to India.


The Supreme Court had shifted the case to Delhi, saying the Kerala Police had no jurisdiction over it and backed the union government’s decision to hand over the case to NIA.


The Italian government has already challenged before the Supreme Court invoking of the anti-terrorism law SUA, saying it is against the order of the apex court which allowed proceedings only under the Maritime Zone Act, Indian Penal Code (IPC), Code of Criminal Procedure (CrPC) and United Nations Convention on the Law of the Sea (UNCLOS).


Kotak Mahindra Bank Q3 net profit down 6% on higher provisioning

Kotak Mahindra Bank reported a net profit of Rs340 crore in its December quarter on a 64% increase in provisioning

Kotak Mahindra Bank, India’s fourth largest private sector bank on Tuesday reported a decrease in its third quarter net profit on higher provisions made by the lender for advances and investments.

For the quarter to end-December, Kotak Mahindra Bank said its net profit declined 6% at Rs340 crore from Rs362 crore, while its total revenues, including net interest income (NII), increased 5% to Rs2,192 crore from Rs2,095 crore, same period a year ago.

Kotak Mahindra Bank said it made total provisions of Rs69.74 crore during the third quarter, an increase by 64% compared with Rs42.36 crore a year ago period. From the total provision, Rs25.44 crore was provisioned towards advances, Rs43.43 crore towards investments and remaining Rs0.87 crore were provisioned for other items.

During the December quarter, the lender recorded 11% growth in its NII to Rs913 crore from Rs823 crore, a year ago period. The bank’s net interest margin (NIM) stood at 4.8%, compared to 4.5%, a year ago.

Kotak Mahindra Bank said it disbursed loans worth Rs53,149 crore, up by 6%, when compared with Rs50,245 crore a year ago period. The lender, however said, said that it is cautiously slowing down  construction equipment and commercial vehicle (CECV) lending.

During the quarter, Kotak Mahindra Bank’s total deposits grew 22% to Rs16,261 crore from Rs13,359 crore, same period last year. The deposit growth was led by savings deposits which grew 38% to Rs9,106 crore from Rs6,616 crore a year ago period. The bank’s current and savings account (CASA) ratio stood at 30%, compared with 25.9% a year ago period.

Kotak Mahindra Bank’s capital adequacy ratio (as per Tier 1) stood at 17.9% improved by 3.7% during December 2013 quarter than 14.2% a year ago period and net non performing assets (NNPA) stood at 1.10% from 0.64%, a marginal increase of 0.46% from a year ago period.

Kotak Mahindra Bank, as on 31 December 2013 had 533 branches across 315 locations and 1,036 ATMs.

Kotak Mahindra Bank closed Tuesday 3.10% down at Rs705.55 on the BSE, while the Sensex ended the day marginally higher at 21,256.


V-Guard Ind Q3 net profit up 14% to Rs17.52 crore

During the December quarter, V-Guard Industries reported a net profit of Rs17.52 crore on good sales growth in water heaters segment. However, sales of its digital UPS and pumps remain subdued in Q3

V-Guard Industries, the Kerala-based electrical appliances manufacturer reported a 14% higher net profit during the third quarter on robust sales, especially in the electric and solar water heaters.

For the quarter to end-December, the company said its net profit rose to Rs17.52 crore from Rs15.35 crore, even as its total revenues, including sales remained flat at Rs350 crore from Rs348 crore, same period last year.

In a statement, Mithun K Chittilappilly, managing director of V-Guard Industries said, “The overall slowdown in Indian economy has affected the consumer goods industry to a considerable extent. However, a focused effort on various cost management measures has helped the company in retaining the margin.”

The company said, “Robust sales were recorded in electric and solar water heaters during the quarter under review. However, sales of digital UPS and pumps have been very subdued and have recorded decline for the quarter which lead to overall flat growth in sales.”

As on 31st December 2013, shareholding in V-Guard Industries by FII increased 6.40% at 18.49% while promoter shareholding stood at 65.52%.  Public shareholding, however, decreased 5.34% at 13.80% while DII shareholding declined 1.37% to 2.19%.

V-guard Industries closed Tuesday 1.2% down at Rs449 on the BSE, while the 30-share benchmark ended the day marginally higher at 21,251.

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